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Home loan in Chennai: Overview

Once known as Madras, Chennai is regarded as the cultural, educational, and economic hub of the South. It is home to the enigmatic Tamil film industry as well as reputed IT companies and MNCs. Nicknamed the Detroit of India, Chennai houses over one-third of the country’s automobile industry as well. All these factors attract expatriates too, with the count standing at a whopping 1 lakh in 2016.

Undoubtedly, the demand for housing in this part of the country has also skyrocketed, and triggered year-on-year housing inflation. For the January to March quarter of 2019, inflation was recorded at 12.4%. But with lenders like Bajaj Finserv offering affordable Home Loans, owning a home in Chennai is no longer a distant dream. Moreover when you avail a home loan in Chennai, you also get to enjoy a suite of benefits and features. Take a look at what they are.

  • Chennai Home loan: Features & Benefits

  • PMAY

    If you are a first-time homebuyer, you can avail the Bajaj Finserv Home Loan in Chennai under the PMAY scheme. This is an affordable housing scheme launched by the Indian Government that allows you to claim a subsidy of up to Rs.2.67 lakh. Thanks to it you can service the loan at a nominal housing loan interest rate to keep your borrowing cost low all through the tenor.

  • Home Loan Balance Transfer

    In case you are repaying a home loan with a high interest rate, you can opt for home loan balance transfer to Bajaj Finserv to reduce your heavy EMI burden. Apart from being able to service the loan at a lower interest rate, you can enjoy a suite of value-added features. The process lets you reduce your credit burden instantly, without tedious documentation or other processes.

  • Top-up Loan

    Bajaj Finserv also offers a home loan top-up up to Rs. 50 lakh over and above the home loan sanction. You can use this hefty amount to fund a range of needs such as home improvement, business expansion, and education costs. Moreover, you don’t have to submit any documents to avail this facility.

  • Part-prepayment and Foreclosure Facility

    While this loan is a smart funding solution, you may wish to clear it quickly. To help you do so faster, Bajaj Finserv allows you to foreclose your home loan before the tenor ends, at absolutely no cost! What’s more, you can also make part-prepayments towards the principal of your home loan and reduce your EMIs for the balance of the tenor.

  • Flexible Tenure

    To help you repay your loan without compromising on other financial responsibilities, Bajaj Finserv offers a flexible tenor of up to 240 months. By choosing a tenor based on your affordability, you can repay your home loan comfortably without overshooting your budget.

  • Minimal Documentation

    To avail a Bajaj Finserv Home Loan you don’t have to submit a stack of documents. On the contrary, you only have to submit minimal documents required for home loan to can enjoy speedy approval.

Home Loan Interest Rate, Fees & Charges

Bajaj Finserv offers a cost-effective housing loan interest rate and also levies minimal fees and other charges. This keeps your cost of borrowing to a minimum. To understand better, make a note of the interest and other charges applicable on a Home Loan in Chennai from Bajaj Finserv.

Type of interest/ fee Amount applicable
Promotional interest rate for salaried borrowers 8.80%*
Fixed rate interest for salaried borrowers 9.05% to 10.30%
Fixed rate interest for self-employed borrowers 9.35% to 11.15%
Floating rate interest for salaried and self-employed borrowers 20.90%
Processing fees Up to 0.80% (for salaried individuals)
Up to 1.20% (for self-employed individuals)
Loan statement charges Rs.50
Interest and principal statement charges Nil
EMI bounce charges Rs.3,000 per bounce
Penal interest 2% per month + taxes
Secure fee Rs.9,999 (one-time fee)
Mortgage origination fee Rs.1,999 (non- refundable)
Foreclosure fees for fixed rate home loan 2% + taxes
* For a loan of up to Rs.30 lakh

Eligibility Criteria for Home Loan

To help you qualify for a home loan in Chennai easily, Bajaj Finserv has simple home loan eligibility criteria. Meet all these terms before applying to accelerate your approval.

Home loan eligibility term Salaried applicants Self-employed applicants
Residential status Indian Indian
Age from 23 to 62 years from 25 to 70 years
Work/business continuity Minimum 3 years Minimum 5 years
You can check your eligibility with our easy to use home loan eligibility calculator..

Calculate Home Loan EMI
 

Calculating EMIs before borrowing will help you service the loan in a pocket-friendly manner. Not only will you repay regularly, you will also be able to meet other expenses without compromising. To ascertain EMIs that match your budget, use the home loan calculator before you apply and adjust the principal or tenor on the basis of the results, if need be.

Documents Required for Home Loan

Documents prove your eligibility and thus can hasten or delay loan approval. To enjoy quick approval, gather all the documents required for home loan before initiating the application process. Take a look at the documents you will need to apply for a home loan in Chennai..

  • KYC documents
  • Address proof
  • Identity proof
  • Photograph
  • Latest salary slips or Form 16
  • Last 6 months’ bank account statements
  • Proof of business continuity for applicants who are businesspersons/self-employed

How to Apply for Home Loan

Once you meet the eligibility criteria to the T and have all the required documents in hand, you can apply for the Bajaj Finserv Home Loan in Chennai in 3 ways. Here are the processes you can follow.

To apply online follow these simple steps:

  • Visit Bajaj Finserv’s website
  • Accurately fill out the online home loan application form after using the home loan EMI and eligibility calculator
  • Now enter accurate details of your property
  • Pay the online secure fee to book an available offer
  • Scan the documents required for home loan, upload them and pay the necessary fees to finish applying

Optionally, apply for a home loan in Chennai via SMS. Just message 'HLCI' to 9773633633. Thereafter, a representative will call you with a pre-approved home loan offer. If you prefer applying in person, visit your nearest Bajaj Finserv branch.

To expedite access to a Home Loan in Chennai further, be sure to check your pre-approved offer from Bajaj Finserv. Use the tailor-made deal to expedite financing and become a proud homeowner without any delay.

Contact Us

New and existing customers can contact with Bajaj Finserv customer care for all queries related to our home loans.

1. For new customers
 

  • we have a calling line set up at 1800-103-3535.
  • You can also visit any of our branches. Click here to find out the address of your nearest branch.
  • just SMS "HOME" to 9773633633 and our representative shall get back to you.
     
2. For existing customers,
  Branch Address
Bajaj Finserv
3rd Floor, Kaba Plaza, No. 27, L B road,
Indra Nagar, Opp. Adyar bus depot, Adyar,
Chennai, Tamil Nadu
600020
Phone: 1800 209 4151