Bank of India
7.10% p.a. onwards
Max tenure 30 yrsFee 0.25% of loan amount (min ₹1,500, max ₹20,000)
Home Loan in Chennai
Compare home loan interest rates from 40+ banks and housing finance companies lending in Chennai (Madras). A large auto, manufacturing and IT/GCC hub (OMR, Sriperumbudur–Oragadam), with Metro Phase 2 under construction and prices below other southern metros. See rates, fees, popular localities, Tamil Nadu stamp duty and EMI before you choose, and Butter Money handles the paperwork until disbursal.
- 40+ Lenders
- Competitive Rates
- Expert Assistance
%
Rates from
7.10%
p.a.*
Max tenure
32 yrs
most lenders
Max funding
90%
loans up to ₹30 L
Lenders
32
in Chennai
*Lowest advertised rate across lenders · Rates updated 3 Nov 2026 · Final pricing depends on your credit profile, income, loan amount and property.
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Top Home Loan Offers in Chennai
Lowest starting rates this month from lenders active in Chennai.
LIC Housing Finance
7.15% p.a. onwards
Max tenure 30 yrsFee ₹15,000 + GST
Union Bank of India
7.15% p.a. onwards
Max tenure 30 yrsFee ₹10,000 + GST
Bajaj Housing Finance
7.20% p.a. onwards
Max tenure 30 yrsFee ₹5,000 + GST
Compare Home Loan Rates in Chennai
Indicative starting rates, fees and funding limits · updated 3 Nov 2026
| Lender | Rate (p.a.) | Processing fee | Max tenure | Max LTV | Action |
|---|---|---|---|---|---|
| Bank of IndiaPublic sector bank | 7.10% | 0.25% of loan amount (min ₹1,500, max ₹20,000) | 30 yrs | 75% | Check → |
| LIC Housing FinanceHousing finance company | 7.15% | ₹15,000 + GST | 30 yrs | 90% | Check → |
| Union Bank of IndiaPublic sector bank | 7.15% | ₹10,000 + GST | 30 yrs | 75% | Check → |
| Bajaj Housing FinanceHousing finance company | 7.20% | ₹5,000 + GST | 30 yrs | 90% | Check → |
| Canara BankPublic sector bank | 7.20% | ₹10,000 + GST | 30 yrs | 75% | Check → |
| Central Bank of IndiaPublic sector bank | 7.20% | ₹10,000 + GST | 30 yrs | 75% | Check → |
| Punjab National BankPublic sector bank | 7.20% | ₹5,000 + GST | 30 yrs | 75% | Check → |
| Bank of MaharashtraPublic sector bank | 7.25% | Nil | 30 yrs | 75% | Check → |
| Federal BankPrivate bank | 7.25% | ₹20,000 + GST | 30 yrs | 85% | Check → |
| South Indian BankPrivate bank | 7.25% | ₹15,000 + GST | 30 yrs | 80% | Check → |
| Punjab & Sind BankPublic sector bank | 7.30% | 0.10% of loan amount | 30 yrs | 75% | Check → |
| Axis BankPrivate bank | 7.35% | ₹10,000 + GST | 30 yrs | 80% | Check → |
| Bank of BarodaPublic sector bank | 7.35% | ₹4,130 + GST | 30 yrs | 75% | Check → |
| IDBI BankPrivate bank | 7.35% | ₹15,000 + GST | 30 yrs | 75% | Check → |
| ICICI BankPrivate bank | 7.40% | ₹5,000 + GST | 30 yrs | 80% | Check → |
| HDFC BankPrivate bank | 7.45% | ₹10,550 + GST | 30 yrs | 88% | Check → |
| HSBC BankForeign bank | 7.45% | ₹10,000 + GST | 25 yrs | 80% | Check → |
| State Bank of IndiaPublic sector bank | 7.50% | Salaried customer max: ₹15,000 + GST | 30 yrs | 75% | Check → |
| TATA CapitalNBFC | 7.60% | ₹12,000 + GST | 30 yrs | 90% | Check → |
| L&T FinanceNBFC | 7.65% | ₹10,000 + GST | 30 yrs | 75% | Check → |
| IDFC FIRST BankPrivate bank | 7.75% | 1.50% + GST | 32 yrs | 80% | Check → |
| Mahindra FinanceHousing finance company | 8.00% | 0.50% + GST | 30 yrs | 80% | Check → |
| Godrej FinanceHousing finance company | 8.34% | ₹11,000 + GST | 30 yrs | 80% | Check → |
| YES BankPrivate bank | 8.35% | ₹5,000 + GST | 30 yrs | 80% | Check → |
| IndusInd BankPrivate bank | 8.45% | 0.125% of loan amount + GST | 30 yrs | 90% | Check → |
| Navi FinservNBFC | 8.45% | ₹0 + GST | 30 yrs | 90% | Check → |
| DBS BankForeign bank | 8.70% | ₹10,000 + GST | 30 yrs | 90% | Check → |
| Truhome FinanceHousing finance company | 9.50% | 1% + GST | 30 yrs | 80% | Check → |
| Piramal FinanceNBFC | 9.90% | 1% + GST | 30 yrs | 80% | Check → |
| Utkarsh Small Finance BankSmall finance bank | 11.00% | 0.10% of loan amount | 30 yrs | 75% | Check → |
| Vridhi FinservHousing finance company | 12.00% | — | 30 yrs | 75% | Check → |
| Vastu Housing FinanceHousing finance company | 12.50% | ₹3,000 + GST | 20 yrs | 80% | Check → |
LTV shown within RBI limits: up to 90% for loans up to ₹30 lakh, 80% for ₹30–75 lakh and 75% above ₹75 lakh.Compare all lenders →
Chennai Home Market: What Buyers Should Know in 2026
Chennai is a steady, end-user-led market: Knight Frank recorded 3% sales growth in H1 2026, though Anarock saw a 10% YoY dip in Q3. Prices are moderate (about ₹7,500/sq ft on average), with most activity along OMR, GST Road and the western suburbs near Porur.
5,395
residential sales, Q3 2026 (Jul–Sep)
-10% YoY5,840
new launches, Q3 2026 (Jul–Sep)
-9% YoY₹7,555/sq ft
avg. price, H1 2026 (Jan–Jun)
+5% YoY9,198
residential sales (half-year), H1 2026 (Jan–Jun)
+3% YoYSource: Anarock; Knight Frank India.
Popular Areas to Buy a Home in Chennai
Choose by budget, commute and employment hub, not just popularity.
| Area | Price (₹ / sq ft) | Connectivity | Best for |
|---|---|---|---|
| Anna Nagar | ₹16,150 (avg) | Chennai Metro Green Line; Inner Ring Road | Premium central-west Chennai |
| Perungudi (OMR) | ₹11,050 (avg) | OMR IT corridor; MRTS; Metro Phase 2 Corridor 3 (under construction) | IT professionals near Tidel/OMR parks |
| Velachery | ₹9,400 (avg) | MRTS; Velachery Main Road to OMR and GST Road | Well-connected mid-segment families |
| Porur | ₹8,000 (avg) | Mount–Poonamallee Road; Chennai Metro Phase 2 (Poonamallee–Porur stretch) | Western-suburb IT (DLF/Mount–Poonamallee) employees |
| Sholinganallur (OMR) | ₹7,650 (avg) | OMR–ECR link; IT parks | Tech workforce wanting walk-to-work homes |
| Pallikaranai | ₹7,550 (avg) | Velachery–Tambaram Road; near OMR | Mid-budget families in the south |
| Tambaram | ₹6,900 (avg) | Suburban rail; GST Road; near airport | Affordable homes with rail access |
| Guduvanchery | ₹5,400 (avg) | GST Road (NH 32); suburban rail | Budget first-time buyers and plots |
Indicative weighted-average rates from HomeBazaar (page updated 22 May 2026; charts Jan–Mar 2026). Portal figures, not transaction data.
Home Loan for Different Property Types in Chennai
What lenders check before they fund each kind of property.
Ready to move
Full disbursal at registration. Lenders check the CMDA- or DTCP-approved plan, the completion certificate and the title.
Under construction
Paid in stages as the building rises. The project must be TNRERA registered; check which banks have approved it.
Resale
Lenders verify the title chain, a long-period encumbrance certificate, patta/chitta in the seller's name and the undivided share (UDS) of land in the sale deed.
Plot + construction
Most banks fund only plots in CMDA- or DTCP-approved layouts with a clear patta; funding limits are usually lower than for flats.
RERA registration is not the same as bank approval.
Check a project on Tamil Nadu Real Estate Regulatory Authority (TNRERA), then ask us which lenders have approved it.
Home Buying Costs in Chennai
Tamil Nadu charges on a ₹1 crore home (male buyer)
Stamp Duty (7%)₹7,00,000
Registration (2%)₹2,00,000
Total government charges₹9,00,000
1% registration-fee concession for women (TN): From Apr 2025, property worth up to ₹10 lakh registered in a woman's name gets a 1% lower registration fee.
CERSAI registration: One-time fee when the lender records the mortgage on CERSAI: ₹50 for loans up to ₹5 lakh, ₹100 above (plus GST).
GST on under-construction homes: 1% for affordable housing (up to 60 sq m carpet in metros / 90 sq m elsewhere and value up to ₹45 lakh), 5% for other homes; no GST on ready homes with an occupancy certificate.
Legal & technical checks: Lenders usually charge a small one-time fee for an independent title check and a property valuation; it varies by lender and is sometimes part of the processing fee.
Mortgage (MODT) stamp duty: 0.5% of the loan, maximum ₹40,000.
Mortgage registration: 1% of the loan, maximum ₹8,000.
Also plan for the down payment, processing fee, legal & technical checks, mortgage registration (MODT), CERSAI and GST on under-construction homes.
Effective from 1 Apr 2023 · Source: Registration Department, Tamil Nadu (TNREGINET)
Calculate stamp duty for your home →Chennai Home Loan EMI Calculator
Starts at the lowest Chennai rate. Move the sliders to see how the loan amount, rate and tenure change your EMI.
₹1,00,00,000
₹10,00,000₹10,00,00,000
%7.1
6%20%
Yrs15
1 Yr30 Yrs
YOUR MONTHLY EMI
₹90,443
for 15 years at 7.1% p.a.
Principal amount
₹1,00,00,000
Total interest
₹62,79,709
Total amount payable₹1,62,79,709
Illustrative calculation based on the selected rate. The rate defaults to 7.1% p.a., the best applicable starting rate. Your actual EMI depends on the rate offered to you.
Home Loan & Housing Schemes in Tamil Nadu
Central
PMAY-U 2.0 interest subsidy
Eligible EWS/LIG/MIG households can get an interest subsidy on their first home loan. Check current eligibility before applying.
Official scheme details ↗Tamil Nadu
Tamil Nadu Housing Board (TNHB) schemes
TNHB sells flats and plots by lottery or first-come-first-served, with income-group categories and hire-purchase/outright options.
Official scheme details ↗Tamil Nadu
TNUHDB housing
The Tamil Nadu Urban Habitat Development Board builds tenements for EWS/urban-poor households.
Official scheme details ↗How to Apply for a Home Loan in Chennai
- 1
Check eligibility
Soft check, no CIBIL impact
- 2
Compare lenders
Offers from 40+ lenders
- 3
Shortlist property
RERA, title and local approvals
- 4
Submit documents
Digital, one upload
- 5
Sanction & disbursal
Legal and technical check, then disbursal
Chennai Home Loan FAQs
What is the lowest home loan interest rate in Chennai?
Home loan rates in Chennai start from 7.10% p.a. (Bank of India) as of 3 Nov 2026. Your rate depends on your CIBIL score, income, loan amount and the property.
Which banks give home loans in Chennai?
Public sector banks, private banks and housing finance companies all lend in Chennai, including Bank of India, LIC Housing Finance, Union Bank of India, Bajaj Housing Finance, Canara Bank, Central Bank of India. Butter Money compares 32 lenders for your profile.
How much are stamp duty and registration in Chennai?
stamp duty (7%), registration (2%), about ₹9,00,000 on a ₹1 crore home (male buyer). Some states charge less for women buyers; check the costs section above for the details.
What is the maximum home loan tenure in Chennai?
Lenders in Chennai offer up to 32 years, limited by your age when the loan ends (usually 60–70 years).
What is the difference between CMDA and DTCP approval in Chennai?
CMDA approves layouts and buildings inside the Chennai Metropolitan Area, and DTCP approves them in the rest of Tamil Nadu. Lenders require the plan approval from the correct authority, plus local-body building permission.
What is a patta and why do banks ask for it?
A patta is the revenue record that shows who holds the land. Banks check that the patta (with chitta/adangal or the online record) is in the seller's name and matches the sale deed and EC before sanctioning a loan.
What is an Encumbrance Certificate (EC) in Tamil Nadu?
An EC lists registered transactions on a property and can be downloaded from TNREGINET. Lenders usually ask for an EC covering 13–30 years to confirm there are no outstanding mortgages or disputes.
Are UDS (undivided share of land) details important in Chennai flats?
Yes. Flats in Chennai are usually bought as a UDS of land plus a construction agreement, and the UDS area affects title and stamp duty. Check the UDS in the sale deed and the TNRERA listing.
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