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What are the interest rates for home loans in Chennai?

You may not be aware that the home loan interest rates are at an all-time low in Chennai and across India. Now is the best time to get housing finance. A home loan with a low-interest rate will lower your EMI cost. You will also be able to borrow more and the home loan payments won`t feel overwhelming.

Bright Vision is a trusted lending institution that can offer home loans at the most affordable interest rates in Chennai. Check out the interest rates below. We do our best to provide affordable housing finance at flexible repayment terms and minimal documentation.


What are the eligibility criteria for a home loan in Chennai?

* The applicant must be between the ages of 24 and 65.

* Salaried employees must earn a minimum amount as mentioned by the load official with a Minimum of two years` work experience.

* Professionals who are self-employed must have at least three years of experience in their field.

* Non-Resident Indians (NRIs) must have a minimum of three years of work experience.


How can I increase my home loan eligibility?

You can increase the amount of your home loan eligibility by having your spouse as a co-applicant when you apply for a loan. The eligible loan amount will increase if your spouse`s income is taken into account during the approval process. To increase your loan amount, you can choose to extend the loan term.




What factors determine my eligibility for a home loan?

These are some of the factors home loan lenders take into consideration when determining how much you are eligible to borrow.

* Banks and NBFCs make sure that your Equated Monthly Payments (EMIs), are not more than 50% of your monthly income.

* Other ongoing loans EMIs, if any are taken into account when determining the maximum amount of home loan, you are eligible for. The maximum amount that you can get for your home loan will be reduced by the EMIs on any ongoing loans.

* Remember that banks and NBFCs typically only disburse up to 85% of the property`s value before you apply for a home loan.


Different types of home loans available in Chennai

There are many home loan options available from banks and NBFCs. Home loans in Chennai are classified according to the customer`s needs and purpose.

Features of a Home Loan:

* Home loans are typically offered at 6.65% per annum Lenders in Chennai

* Tenure can last up to 30 Years.

* The loan amount is 90% of the property`s value

* Select customers can get pre-approved instant loans

* There are no pre-payment fees

* Credit-linked interest subsidy scheme (PMAY), for affordable housing for economically poorer groups, middle-income, and lower-income households

* To meet the individual needs of borrowers, top-up loans can be offered for existing home loans

* Transfer of home loan balance to existing home loan borrowers by other lenders at a lower interest rate

Existing home loan borrowers can also get a home loan overdraft