Home Loan in Chennai

Apply for a home loan in Chennai to enjoy attractive interest rates with flexible EMI Options

Housing Loan in Chennai

Chennai is one of the biggest cultural and economic centres in South India. Boasting many elite Institutes, Universities and schools and ample career opportunities, Chennai is easily one of the best cities to settle down. To help you in your journey to becoming a homeowner in Chennai, Navi brings you 100% paperless home loans.

Navi offers housing loans in Chennai with attractive interest rates starting from 7.39% p.a. Flexible EMI options and a loan tenure of up to 30 years also makes Navi one of the best home loan companies in Chennai. All you have to do is install the Navi app and apply. Your home loan will be approved in minutes!

The oldest city corporation in India, the city of Chennai is a perfect blend of modern amenities that have traditional roots. Home to the St. George’s Fort and Kapaleeshwar Temple, Chennai is famous for its heritage and culture. This city is known for its several MNCs, IT companies and its automobile industry. As the capital city of Tamil Nadu, Chennai is the centre of art, architecture, innovation and music. The city has a lot to offer to its residents in terms of technological advancements, traditional festivals, cultural shows, etc.

Home Loan in Chennai Details

Navi offers one of the lowest home loan interest rates in Chennai. With Navi home loans, you can enjoy repayment tenures of up to 30 years and flexible EMI options. Here are the details of Navi Home Loan:
Loan AmountUp to ₹5 Crore
Loan TenureUp to 30 Years
Interest Rate7.89%
Processing FeeNil

Home Loan in Chennai - Features and Benefits

Navi is one of the best home loan providers in Chennai. Here are its features and benefits:
Get instant home loans of up to ₹5 crore with no waiting time
No heavy paperwork. Just download the Navi app and apply
Get the exact amount. Navi doesn’t charge any processing fee
Avail home loans at competitive interest rates starting from 7.39% p.a.
Enjoy flexible EMI options with a repayment tenure of up to 30 years
Navi doesn’t mandate buying home loan insurance

Home Loan in Chennai - Features and Benefits

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Home Loan Interest Rate in Chennai With Other Charges

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Home Loan Interest Rate in Chennai With Other Charges

Navi provides home loans at attractive interest rates. There are no hidden charges, making Navi one of the best loan companies in Chennai.
Navi provides home loans at attractive interest rates, starting from 7.89% p.a.
No need to pay any processing fee. Get the exact loan amount
No loan foreclosure charges. Close your loan early as per your convenience

Home Loan EMI Calculator

Getting a home loan in Chennai is easy with Navi. However, before getting a home loan, calculate your EMIs in advance. It will help you manage your finances accordingly. You can use the Navi Home Loan EMI Calculator. All you have to do is enter the loan amount, repayment tenure and interest rate. The online EMI calculator will display the result in seconds.

The formula for calculating the monthly EMI manually is:

EMI = P x R x (1+R)^N / [(1+R)^N-1]

In the formula, P represents Principal, R indicates monthly interest rate divided by 100, and N denotes repayment tenure in months.

Where, P = Principal loan amount, N = Loan tenure in months, R = Monthly interest rate
The rate of interest on your home loan is calculated monthly.

For example, if you plan on getting a loan of ₹55 lakh at 7.39% for 30 years, the EMI would be:

EMI = ₹ {5500000 x 0.00615 x (1 + 0.00615)^360} / {(1 + 0.00615)^360-1} = ₹38,043

Loan Amount

Rate of Interest (P.a)

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Loan Tenure (Years)

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Monthly EMI

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Total Interest

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Home Loan Amortization

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How to Apply for Home Loan in Chennai

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How to Apply for Home Loan in Chennai

It is super easy to apply for a home loan in Chennai with Navi. Just follow these steps:
Download and instal the Navi app from the Play Store or App Store
Enter your name, date of birth and email
Enter your employment details such as monthly salary, company name, PAN card, etc.
Select the city you live in
Complete your KYC verification with PAN, Aadhaar and bank statement
Get provisional loan sanction letter

Housing Loan Eligibility in Chennai

Any resident Indian is eligible to apply for a home loan with Navi
Any salaried or self-employed individual can apply for a home loan with Navi
Any individual between the age of 25 and 62 years can apply for a home loan in Bangalore with Navi

Housing Loan Eligibility in Chennai

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Documents Required for Home Loan in Chennai

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Documents Required for Home Loan in Chennai

Navi offers home loans that require minimal documentation. For KYC verification, you need to provide:

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Enjoy attractive interest rates starting at 7.89% p.a. with flexible EMI options.

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Frequently asked questions

A home loan serves the primary purpose of purchasing a property or facilitating a home’s construction. Having said that, there are different types of home loans that are taken for various purposes, such as:

  • Purchase of readymade home
  • Purchase of land
  • Home expansion or extension
  • Home construction
  • Home renovation
  • Home conversion

A co-applicant in a home loan is an individual who is jointly responsible for repaying the home loan just like the primary borrower. A lender will also consider the income and CIBIL score of the co-applicant before approving the loan. 

Co-applicant has to be a blood relative or immediate family member. Up to six co-applicants are allowed per home loan application. The following people can be co-applicants in a joint home loan:

  • Father
  • Mother
  • Spouse
  • Sister, who is an adult
  • Brother, who is an adult
  • Son, who is an adult
  • Daughter, who is an adult
Yes, a sanctioned home loan can get cancelled by either the lender or the borrower. If your application gets verified successfully, the lender will only offer a provisional sanction letter to authenticate your eligibility. This sanction letter can get revoked if the lender finds any discrepancies with the home loan application.
Navi offers one of the best housing loans in Chennai. You can avail a Navi home loan of up to ₹5 crore at lucrative interest rates starting from 7.39% p.a. Navi also offers a flexible repayment tenure of up to 30 years. All you have to do is download the Navi app, provide some personal and employment details, enter the loan amount and tenure, and complete KYC verification. The whole process is entirely paperless and hardly takes a few minutes.
If you have a low CIBIL score, it is better to apply for the loan after improving it. Check your credit report to see if there are any outstanding credit card bills or EMI payments on existing loans. Make sure to pay them off to improve your credit score.

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