Home loans in Chennai
The Gateway of South India and a popular metro city, Chennai in Tamil Nadu is one of the best cities in India to live in. It is among the most developed Indian cities and is known for its fantastic civic amenities. Not only is the city regarded as the culture capital of India, it also holds the reputation of being India’s safest city. Investors and new home owners alike prefer to own a piece of this glorious city because a property investment in this city can earn great return on investments in just a few years. It is no wonder that people are purchasing properties by taking on home loans in Chennai now more than ever. Here’s how Bank of Baroda can help you build your dream home in Chennai.
Getting started with the home loan process
Select the property you wish to buy
You need to select the property you wish to buy, speak to the builder about the property rates and get an estimate of all the costs so that you are aware of the principal loan amount you would need.
Simple application Process
Visit any of nearby Bank of Baroda branch, fill up the Home loan application form, submit all the listed documents or you can apply online also by clicking the link provided for Home Loan on our Bank’s website www.bankofbaroda.com.Our home loan agents in Chennai will guide you through the loan process.
Get your documents in order
It is recommended that you have all the necessary documents ready; be it your personal and employment documents and the documents of the property you intend to purchase to get your loan process started instantly.
Aspects of the loan
Our representatives will help you understand the aspects of the housing loan in Chennai. Bank of Baroda provides maximum loans amount based on the property value considering regulatory guidelines for the Loan to value Ratio (LTV) and Gross Monthly/annual income of the applicant. The Bank offers need based principal loan amount.
Loans are offered to individuals between the age groups of 21 years to 70 years (at the end of the loan tenure).
We offer the best home loan interest rates in Chennai, starting at BRLLR of the Bank linked with Repo Rate based on the Bureau score with flexible repayment tenures lasting upto 30 years. With these low interest rates and higher tenure, you end up paying a considerably low monthly EMI.
Loan processing fees
The bank levies 0.25% to 0.50% +GST loan processing fee on home loan amount, minimum ₹8500 and maximum ₹20,000 plus GST
The bank does not levy any penalties for closing the loan before the end of the stipulated tenure. Pre-closure charges are waived off completely.
Benefits of taking a Bank of Baroda housing loan in Chennai
- The loan process is simple and straightforward and loans are disbursed with a quick turnaround time.
- You can customise your loan i.e. you have control over the interest rates and tenures based on your credit scores.
- You can choose from a diverse range of loans provided by the bank to suit your budget and requirements.
- You also get a free credit card and accidental insurance on your home loan in Chennai. Moreover, the bank offers a 0.25% concession in ROI if you opt for a car loan.
- You can use the home loan to take on a second loan in future i.e. you can take a top-up home loan, a home extension or home remodelling loan and so on.
Reasons to invest in Chennai Real estate
- Chennai is a city that is continuously undergoing rapid infrastructure and commercial developments.
- New and improved amenities benefiting civic life are being added to the Chennai sky-line every day.
- With an increased demand for housing in Chennai, the value of the real estate market in the city has also appreciated tremendously.
- Chennai is also known for its employment opportunities resulting in people migrating from different cities and states here all the time.
- The growth and rate of development in the city has been continuous without any drops or slumps, making Chennai a real estate gold-mine.
So without wasting any more time, walk in to your nearest Bank of Baroda Branch and apply for a Home loan in Chennai.
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