Chennai, Tamil Nadu’s capital city is not only a successful metropolis but holds the record for being one of India’s five leading metropolitan cities. Being India’s fourth-biggest city, it serves as a hub for industry, business, and culture. It lies on the shore of the Bay of Bengal which is 900 miles north of the Equator.
Chennai is an incredible city that houses various types of properties. These properties, especially houses, are sure to attract you, so what are your options? Taking a home loan with fair terms seems like a healthy thing to do.
However, many people shy away from the word “loan” and its many implications. Taking loans should be regarded as a regular option and not a choice that bears consequences. Imagine utilizing a home loan to invest in real estate and becoming richer than you once were.
Home loans come with several amazing perks. If you’re looking for a reason or more to take a home loan in Chennai, then read on.
Home Loan: A Summary
Your lender’s representative must have discussed the terms of the previous loans taken from them. This means that you should understand the meaning of a home loan, even if it’s at a basic level. For new borrowers, this section examines the meaning of a home loan and a few closely related other things.
A home loan, like any other type of loan, is an amount of money disbursed by a financial institution, such as banks or Non-Banking Financial Companies (NBFCs). You can use a housing loan for any of the following purposes:
● Purchase of a house
● Renovation of a house
● Construction of a house
● Investing in the real estate market for big returns
You service your home loan through equated monthly instalments (EMIs) and an EMI comprises the principal amount and the interest charged.
Why Take a Home Loan in Chennai?
Before applying for a home loan, it’s normal to be doubtful that the loan will be profitable. So, to ease your mind, read on to find several reasons why you should take a home loan in Chennai.
These days most lenders offer an online home loan service. Thus, you can avail of a loan and become a homeowner in Chennai without even having to pay a visit to your chosen lender. This is one of the biggest advantages of taking a home loan in Chennai.
High Loan Amount
It does not matter how expensive the property you have your eyes on is, know that you can get a loan to fund its purchase. You can get a big-ticket loan in Chennai provided your income and creditworthiness support your application.
When you apply for a home loan in Chennai, you can rest assured about a big loan amount as well as a speedy payout. Most lenders in Chennai approve of a loan request within 24 hours and disburse the loan amount within 48 to 72 hours. This simply means that now you need wait much if you want to become a homeowner in Chennai.
External Benchmark Linked Loans
Most lenders in Chennai have linked their home loan facility to external benchmarks, such as repo rate, which means that you can enjoy regular rate cuts. This allows you to pay less interest, thereby reducing the EMIs.
Long Repayment Window
Based on your eligibility, in Chennai, you can get a loan tenor of up to 30 years. With this, you no longer have to worry about the other living expenses.
Make Part Payments and Initiate a Foreclosure at No Cost
For customers on a floating interest system wanting to close their loan early, all they need to do is make a payment worth half or even all of the loan value.
The Reserve Bank of India (RBI) backs this move, and most lenders in Chennai support this by charging you nothing to access this feature.
If you are planning to buy a home in Chennai, do not make a delay. Property prices in Chennai are witnessing an upward trend and an investment made right now is sure to fetch you good returns in the future.