Chennai is one of the finest metropolitan cities in the South to call home. The city is peppered with upscale locales that imbue a modern and cosmopolitan way of life. Chennai is a city that opens its doors to all, to enjoy a life of sanctity and peacefulness.
As many may tell you Chennai is a city of many traditions. However these traditions have embraced the new, while still keeping at its core, the culture and flavour of the city that resides by the Bay of Bengal.
Chennai is a city that offers the best in all walks of life. Whether it's the delicious food that locals are proud to call their own, or the modern streets that boast of shopping, schools and the finest urban infrastructure.
When it comes to housing in Chennai, the city offers some of the best gated communities and residential parks to call home. Residences are supported by modern infrastructure like the best schools, hospitals, parks and restaurants all within a close range, depending on where you intend to put your money into buying a home. Chennai has all this to offer and more, so what are you waiting for?
When buying a home in Chennai, financing the residence is one of the factors that overshadows the decision. That's where home loans come into perspective, making financing a home an easier decision.
When thinking about home loans, think Kotak Mahindra Bank that offers housing loans at attractive interest rates. Kotak Mahindra Bank Home loans are easy to apply for with zero processing fee and interest rates that allow you to buy a home without feeling the financial crunch.
Applying for a loan from Kotak Mahindra Bank is easy with a convenient loan disbursal process and simplified documentation. You can also acquire insurance options that protect your investment by covering your housing loans with attractive premiums.
To keep things simple, Kotak Mahindra Bank also has an extended tenure for home loans up to 20 years and a quick turnaround time.
As a Kotak Bank customer you get a profusion of benefits with your home loan, like:
Check your housing loan eligibility to apply for a home loan in Chennai.
Also, you can get hands on with our easy to use Home Loan EMI Calculator and calculate your monthly instalments.
Kotak Mahindra makes acquiring a home loan easier. To know more, visit your nearest Kotak Mahindra Bank branch.
To avail a home loan in Chennai from Kotak Mahindra Bank, we have a predefined home loan eligibility criteria.
Based on different types of applicants, here is the list of criteria that has to be fulfilled while applying for a home loan in Chennai.
Eligibility criteria for an Individual to apply for a home loan in Chennai-
Eligibility criteria for a Partnership Firm / LLP/ Indian Company to apply for a home loan in Chennai -
Eligibility criteria for a Hindu Undivided Family (HUF) to apply for a home loan in Chennai -
Minimum Qualification -
Graduate when applicant is employed with a private limited company or partnership firm. If applicant is employed with Public limited company or MNC or Government or Public Sector Company then there is no such criteria.
Check the list of required documents to apply for home loan in Chennai.
While submitting your application form, it is necessary to submit few supporting documents. Based on the type of applicant, we have made a list of documents required to apply for a home loan in Chennai:
Documents required for a salaried applicant to apply for a home loan in Chennai-
Documents required for self-employed and NRI applicants to apply for a home loan in Chennai -
In addition to KYC documents, check out other necessary documents -
| Sr. No |
Home Loan Documents | Self Employed Professionals (SEP) | Self Employed Non-Professional (SENP)/Co./ HUF/ Partnership Firm/LLP |
Non-Resident Indians (NRI’s) |
|---|---|---|---|---|
| Documentation | ||||
| 1 | Bank statement/ pass book copy |
Bank statement/ passbook for last 12 months (for applicants whose income is being considered for eligibility) of all accounts mentioned in application form mentioning name of account holders, account number, bank name and branch | Bank statements for the last 12 months – from current account and all other bank accounts mentioned in the application form | Last six months bank statements from domestic (NRE/ NRO/ FCNR/ NRNR) And salary/active international account |
| 2 | Age proof | Same as Salaried Individuals | • Same as Salaried Individuals in case of SENP. • For Co./HUF/ Partnership Firm/LLP- NA |
Copy of valid passport KYC Documents of POA |
| 3 | Income proof and business continuity Proof and other documents required to avail Home Loan | •Latest 3 years income tax returns, personal and business along with computation of income (2 years for Kotak Group customers) •Latest 3 years profit and loss accounts and balance sheet with schedules duly certified by a chartered accountant. ( 2 years for Kotak Group customers) •Degree certificate |
•For SENP/Co./ HUF/ Partnership Firm/LLP- same as SEP except degree certificate •Registration Proof with Tax authorities as applicable to type of Business |
Income proof for fixed salary: •Salary certificate(in English) specifying name, date of joining, designation and salary details OR •Latest 3 months salary slips Income proof for variable salary: •Salary certificate (in English) specifying name, date of joining, designation and salary details for last 6 months OR •Last six months salary slips |
| 4 | Job confirmation proof/proof of | NA | NA | Proof of continuity of employment for the last 3 years. •Appointment letter/ employment contract copy (If the contract is in a language other than English, an English translation of the same attested by the Embassy/ Employer should be given) •For merchant navy employees copy of CDC (Continuous Discharge Certificate) required as an additional documet. |
| 5 | Proof of existence of partnership firm / company / HUF / LLP | •For partnership firm : - Registered partnership deed - Letter from other partners stating •For Company – Memoran- dum and Articles of association •For HUF- IT returns |
Same as SEP | |
| 6 | Business Profile | NA | Obtain a business profile on the letter head of the proprietorship/ partnership firm /company /HUF/LLP | NA |
| 7 | Business Reference – recommendatory | • At least 2 references. Credit Manager to decide the parties. |
Same as SEP | NA |
| 8 | Power of attorney | NA | • NA for SENP • POA required for Co. / HUF/ Partnership Firm / LLP |
•If the customer is overseas - As per the standard draft (Refer Legal MOPP for format) duly attested by Indian consulate at the place of residence of the NRI customer. In case NRI customer is not available in India at the time of application, attested by a public notary in the place of residence of the NRI customer •If the customer is in India - Power of Attorney is also required |
| 9 | Home Loan Repayment track record (RTR)/Proof wherever Applicable | Same as Salaried Individuals | Same as Salaried Individuals | Same as Salaried Individuals |
Check the features and benefits of applying for home loan in Chennai.