INTRODUCTION
Everyone has a desire to own a new home in his lifetime. It is also an investment for the People who want to save for their future or are saving for their future. Thus, the best home loan in Tamil Nadu is now easily and quickly available in all banks and non-banks. The future home buyers may get some confusion in identifying the right choice of finance.
Why Tamil Nadu for Residence?
Tamil Nadu boasts a diverse range of cities and towns, each with its unique charm and advantages:
- Chennai: The state’s capital city also famous for being home to many IT companies, Universities & rich in diversity.
- Coimbatore: It is famously known as the “Manchester of South India” being one of the leading industrial and educational hubs.
- Madurai: Famous for Temples and historical importance.
- Trichy: It is well known for its schools and colleges and also it lies in the central region of North America.
- Salem: A new industrial center for the region with active development of the segment of commercial real estate.
Handy Tabs Home Loans BT & TOPUP
Another option is a Balance transfer and Top up of a home loan helps to make more flexibility in current available of loan. The outstanding principle must be transferred to another bank and there is high probability to get more loan amount.
- BT-stands for Balance Transfer which in fact is the transfer of exiting home loans from one bank to other bank.
- The Balance transfer option is to make it easier for a customer to reduce the rate of interest and get an increased amount of the loan.
- Top Up means that extra loan amount can be added on current date along with principle amount from current bank.
Options for Loans / Banks / NBFCs
| Banks / Nbfc | R.O.I | Processing fees | Loan Amount | Cibil score | Apply |
| HDFC Bank Home Loans | 8.45% – 10% (Reducing Per Annumn) | 0.5% – 1% | 5.00 Lacs and above | 0.5% – 1% | https://referloan.in/loans/hdfc-bank-home-loan |
| Bajaj Housing Finance Home Loan | 8.45% – 10% (Reducing Per Annumn) | 0.2% – 0.5% | 5.00 Lacs – 75.00 cr | 650 or above | https://referloan.in/home-loan/bajaj-housing-finance |
| Mahindra Finance Home Loan | 9% – 15% (Reducing Per Annumn) | 1% – 3% | 3.00 Lacs – 75.00 Lacs | 650 or above | https://referloan.in/loans/mahindra-finance-home-loan |
General Eligibility and Document Required for This Type of Loan
Eligibility
- Age: The customers should be within the age of at least 21 and a maximum of 70 years old by the time they will be repaying the loan.
- Income: It is this ‘specified’ set of employees with a monthly wage of not less than ₹ 15,000 that qualifies
- Credit Score: A good credit score or credit rating which is normally above 700 so that they can be offered a better rate.
- Employment: For the salaried employees at least two to three years of working experience and for self-employed persons, a sustainable business.
Documents Required:
- Proof of Identity: PAN card, Aadhaar card.
- Address Proof: any utility bill or rent agreement.
- Business Proof: Registration certificate, the business license.
- Bank Statements, Income Tax Returns, and Profit & Loss
How Referloan Can Help
ReferLoan is among the rapidly advancing businesses of the Indian nation. It serves all sorts of financial needs through banking and non-banking segments where it interconnects the clients as per the need.
This is how ReferLoan can help!
- Comparison of Loan Offers: You can use ReferLoan to make a comparison of home loan offers from different banks and other financial institutions, to get the best interest rates as well as the best possible conditions.
- Expert Guidance: It delivers information on the kind of loan product to go for depending on one’s needs and ability when it comes to repaying the loans.
- Documentation Assistance: Some important documents that ReferLoan assists you with include: Documentation assistance Whenever you need some documents prepared or maybe you lack some important documents then refer loan shall assist you in preparing the necessary document.
- Application Support: Using ReferLoan as a mediator, a borrower will also get help with the application from starting filling it into final submission.
- Follow-up and Updates: It is a self-sufficing application that informs you regarding the status of loan application and also chases the lenders for you.
Frequently Questions
- For which cities of Tamil Nadu is this home loan suitable?
Out of them, Chennai, Coimbatore, Madurai Tiruchirappalli and Salem are chosen as the most favours cities for home loan as those place offers good support for real estate of Tamil Nadu.
- What are the details of Tamil Nadu loan package?
The details of Tamil Nadu loan package are the amount of loan, the area of interest, the rate of interest and the repayment method of the loan.
It means the face amount of the loan and they vary according to income, credit position and market value of the properties among others. As it has been seen, the financial institutions lend 80-90% of the market value of the property.
- Is there any Tamil Nadu home loan interest rates exist at present?
Indian HOME loan interest rate often ranges from 7% to 10 % depending on the particular bank chosen /client qualification /type of interest rate either fixed or floating.
- What documents are required in order to avail the home loan in the state of Tamil Nadu?
They include identity proof, address proof, income proof- salary slips or bank statements and property documents properly filled loan application form.
- Can I purchase a both under construction as well as an-under-construction and ready to move property with home loan?
However, there are many home loans available for the properties under construction as well as for the properties which are ready to possession in Tamil Nadu. If the client purchases under construction houses then they are provided with the loan amount in phases alongside the construction progress.