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Home Loan in Chennai

Chennai ranks among one of the most populous cities in India, with over 10 million people living in the city. The metro city has top-notch infrastructure, be it medical, roads or education. On top of that, Chennai has a lower cost of living than most cities like Delhi and Mumbai. The easy availability of public transport and inexpensive food is what makes living in Chennai really worthwhile.

If you’re looking to relocate to Chennai and buy a house, then a home loan might be of great help. Home loans are offered by banks and financial institutions all over the country. Companies like Piramal Finance can offer you a suitable home loan to buy your dream home in Chennai. Here is everything you need to know about a home loan in Chennai.

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Hassle-free application process

Applying for a home loan at Piramal Finance is extremely easy. All you need to do is fill up an application form online. An informed representative from the company will always be there to help you with the process.

Simple eligibility criteria

In order to be eligible for a home loan, you have to satisfy certain eligibility criteria.

  • For salaried applicants
  • Any salaried employee, working in a government or private sector office is eligible to apply for a home loan. The minimum age for salaried individuals to apply for a home loan is 21 years. Individuals receiving pensions can also apply for home loans until the age of 70. For others, the upper age limit to apply for a home loan is their age of retirement.

  • For self-employed applicants
  • Self-employed people between the age of 23 and 70 can also apply for a home loan. This includes self-employed professionals like doctors, chartered accountants and others. Non-professionals like business owners and directors of private limited companies can also apply for a home loan.

Document requirements

You need to submit some basic documents in order to be eligible for a home loan.

Proof of identity:

You can provide any of the following documents as proof of identity:

  • Passport
  • Aadhar card
  • Voter’s ID card
  • Driver’s license
  • NREGA job card
  • NPR-issued letter, attached with your photograph

Proof of residence:

In order to provide a proof of your residence, you can produce any of the following documents:

  • Passport
  • Aadhar card
  • Voter’s ID card
  • Utility bills like electricity, gas and phone bills
  • NREGA job card
  • NPR-issued letter

Proof of income:

Salaried applicants can provide any of the following as proof of income:

  • Current salary slips
  • Recent bank statements
  • 2 Years Form 16

Self-employed applicants can produce any of the following documents:

  • Recent bank statements
  • Income tax returns of last 2 years
  • Chartered accountant’s certificate

Interest rate

Piramal Finance offers home loans at a very affordable rate. Home loans start with an interest rate that’s as low as 10.50%* p.a.

Fees and charges

You will be charged a very small percentage of your loan amount as a processing fee. All other charges will be clearly mentioned while opting for the loan.

Flexible repayment options

Home loans have repayment tenures that range from 5 years to 30 years. Hence, you can choose whatever suits you.

Why should you buy a house in Chennai?

Chennai is an IT hub and has many job opportunities for people of different professions. Such a populous city also makes for the perfect place to set up your own business. Finally, Chennai offers a cost-effective and healthy lifestyle that most popular cities fail to offer. This makes Chennai the perfect city to settle in! Get a home loan to fulfill your dream of buying a house in the great city of Chennai.

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