Home Loan in Chennai

Click to apply for Home Loan in Chennai

 

Your Home is a place where you relax after coming back from your day’s tiring work, it is that place where you can give time to your family & spend beautiful moments with them. To acquire a home which can be christened your “Own House” is a lifetime decision & has to be taken with a lot of planning & requires huge finances. Your Dream Home is not very far away with a Home loan which will make your Dream a reality. Indexia Finance Home Loan Chennai at Indexia Finance is working constantly to get you the BEST loan deal & has brought a small guide that will answer some important questions related to Home Loans & help you decide on your loan deal. You can apply online for a Home Loan in Chennai at lowest rate of interest.

Types of Home Loan

There are different types of home loans available in the market to cater to borrower’s different needs.

  • Home Purchase Loan: This is the basic type of loan that has the purpose of purchasing a new house.
  • Home Improvement Loan: This type of loan is for the renovation or repair of a home that is already bought.
  • Home Extension Loan: This type of loan serves the purpose when the borrower wants to extend or expand an existing home, like adding an extra room, etc.
  • Home Conversion Loan: It is a loan wherein the borrower has already taken a housing loan to finance his current home, but now wants to move to another home. The Conversion Housing Loan helps the borrower to transfer the existing loan to the new home which requires extra funds, so the new loan pays the previous loan & fulfills the money required for the new home.
  • Bridge Loan: This type of loan helps finance the new home of the borrower when he wants to sell the existing house, this is normally a short-term loan to the borrower & helps during the interim period when he wants to sell the old house & wants to buy a new one, It is given till the time a buyer is found for the old house.
  • Home Construction Loan: This type of loan is taken when the borrower wants to construct a new house.
  • Land Purchase Loan: It is a loan that is taken to purchase land for construction & investment purposes.

Required Documents For Home Loan Chennai

Generally, the documents required for Home Loan Chennai to process your loan application are almost similar across all the banks. However, they may differ with various banks depending upon specific requirements, etc. The following documents are required for Home Loan Chennai by financial institutions to process the loan application.

1. Common Documents

  • Passport-size photograph of the applicant & co-applicant
  • PAN card copy of the applicant & co-applicant
  • Aadhaar card copy of the applicant & co-applicant
  • Current address proof of the applicant & co-applicant
  • Income proof of the applicant & co-applicant
  • Last 12 months’ bank statement of the applicant & 6 months’ bank statement of the co-applicant

2. In the case of Salaried

  • Copies of payslips for the last 6 months and TDS certificate
  • Employment certificate from the employer
  • The latest 2 years of Form 16 issued by the employer

3. In the case of Self-employed

  • Copy of partnership deed if it is a partnership firm or copy of MOA and AOA if it is a company or Business Proof (Shop & Establishment Certificate, VAT, Sales Tax, GST, Service Tax, IEC) if it is a proprietorship firm
  • Copy of audited financial statements for the last 3 years
  • Profit and loss account for the last 3 years
  • Income tax assessment order
  • Company current address proof
  • GST certificate of the Company

4. Other Documents

  • All existing loan sanction letters, if any.
  • Repayment schedule of existing EMI, if any.
  • Agreement copy/booking slip / E-bill, OC & share certificate of the property which is going to be bought.