Chennai, the capital of Tamil Nadu, is one of India’s most densely populated cities, with a population of more than 10 million people. Whether clinical, street, or instructive, the city has an incredible framework. The ease of access to public transportation and the low cost of food make living in Chennai so appealing.

Because of a thriving land area and a mushroom of manufacturers building beautifully styled houses, the number of people purchasing homes is steadily increasing.

Home First Finance Company India is a Housing Finance Company that provides home loans in Chennai with 48-hour approval and a hassle-free cycle. The majority of our clients are first-time home buyers, and we help them live better lives! The loan amount for these homes typically ranges from 5 lakh to 50 lakh rupees.

Features of Home Loan in Chennai
Understanding the important aspects of the deal is critical before applying for a home loan in Chennai. HomeFirst provides numerous benefits when it comes to a home loan in Chennai:

Processing fees for online applications are negligible.
Loan fees that are appealing
Simple to implement
Home loan residencies can be extended for up to 30 years with minimal documentation.
Rapid loan approvals
Quick loan repayment
There are no hidden fees or conditions.
Consider door-to-door administrations.
Eligibility of Home Loans
Your age is an important consideration when applying for home loans. Loaning organisations set the minimum and maximum age limits for loan candidates, and if you do not fall within those ranges, you will have no bearing
You should be either salaried or self-employed. The moneylender will investigate your annual income and employment status to determine whether you are eligible for the loan.
Your credit score assists the bank in determining how much loan should be approved as well as the loan cost.
You must have a minimum income to meet all loan requirements, as moneylenders use this as a qualification standard to determine whether or not you can repay the loan. You must provide proof to the lender.
Most lenders only lend to occupant Indians.
When you apply for this loan at a young age, the term of the loan is longer. This will result in manageable EMIS and interest rates. The vast majority of lenders will anticipate you to be between the ages of 21 and 70. (the most extreme retirement age in the event of salaried representatives)
Lenders will consider your external liabilities when evaluating your application. This is to ensure that you do not fall behind on your EMIS. If you have few external liabilities and a strong repayment capacity, you will be considered a top candidate for home loans in Chennai.
Documents Required for Home Loan
Verification of residence (all candidates with relationship evidence)
duplicate PAN Card (all candidates with relationship confirmation)
Duplicate Aadhaar Card (all candidates with relationship verification)
Pay slip for 90 days with one passport-size photo
Form 16 or ITR for the last three years
Bank statement for the most recent half-year (current loan details) (if any)
All property documents (chain) accompanied by a sanction map
Verification of the presence of an organisation firm/organization/HUF/LLP if a self-employed candidate occurs.
Types of Home Loans offered in Chennai
Home loan products are offered by banks and non-banking financial companies (NBFCs). Based on the needs and goals of the customers, home loans in Chennai are classified into the following types.

Purchase Mortgage Loan
Can be used by qualified borrowers looking to purchase a new or existing home.

Home Construction Loan
Suitable for those who would rather build their own home than buy one that has already been built.

Loan for Home Conversion
Can be obtained if you want to relocate to a new house/flat after obtaining a home loan and purchasing a house/property with it.

Loan for Home Extension/Expansion
Prospective borrowers who want to extend, expand, or change the structure of their current property/house are eligible.

Loan for Home Improvement
It is ideal for those who want to repair or renovate an existing home.

Loan Against Real Estate
A loan against property is a secured loan obtained against residential or commercial real estate held as security by the lender.

Balance Transfer on a Home Loan
Home Mortgage Those who want to transfer their existing home loan from one lender to another for reasons such as lower interest rates and better customer service can choose Balance Transfer.

Home Loan for Non-Resident Indians
NRI home loans are designed specifically for Non-Resident Indians (NRIs) who want to buy a home in India. The approval procedures and formalities for NRI home loans differ from those for regular bank home loans.

How to Apply for Home Loan in Chennai
Fill out the application form
Document authentication
research into the past
Request a Credit Report
Make payment for the processing fee.
Property document processing Assessment of repayment capacity
Loan Disbursements


Author's Bio: 

Home Loan Expert