The significance in terms of religion is very high for this temple. This temple is highly visited and revered not only because it is one of the 108 Divya Desams but it is also one of the Pancharanga Kshetrams. The Pancharanga Kshetram is a group of 5 temples that have been specially dedicated to an avatar of Lord Vishnu known as Ranganatha. This temple and its location is said to have been appeared for the great sage Hema Rishi which further elevates the religious significance of this temple.
According to the Hindu legends it is believed that Sarangpani who is a deity form of Lord Vishnu appeared for a sage called Hema Rishi. He appeared to this sage as a reward for his penance on the banks of the Potramarai tank. The sage was performing penance so that Lakshmi, the consort of Lord Vishnu would be obtained to him in the form of his daughter. The Lord was pleased and goddess Lakshmi emerged from the Potramarai tank amidst a thousand lotuses and was named Komalavalli meaning "one of emerged from lotuses".
It is said that Lord Vishnu descended from his home called Vaikuntam to earth in a chariot drawn by elephants and horses to woo Lakshmi and marry her. The god had descended to earth as Aravamudhan and stayed near the Someswaran temple till he married Lakshmi.
This temple is the largest Vishnu temple in all of Kumbakonam and is enclosed within a huge wall. The temple tower or the main gateway of the temple is known as Rajagopuram and has a staggering height of 173 feet making it the tallest temple tower in all of town. Other than this main gateway there are 5 other gopurams which are smaller in size. The main gopuram is intricately decorated and illustrates various religious stories. There are also figurines placed on the Rajagopuram which tell stories that have religious implications.
The potramarai tank from where Lakshmi is said to have emerged is present outside the walls of the temple towards the western entrance. The main shrine of the temple has been constructed in the form of a chariot drawn by horses and elephants that have openings on either side. It also shows depictions of the chariot descending from the heavens in accordance to the legend. The central shrine of the temple also has an image of Sarangapani with his head resting upon his right hand, an image of Hema Rishi and Lakshmi too adorns the shrine. The western part of the temple also holds a sculpture of Hema Rishi near the lake where goddess Lakshmi is said to have appeared to him.
The temple also has two chariots fashioned out of wood that are stationed outside the Rajagopuram. There are also sculptures of the karna's of Bharat Natyam dance that is highly practiced in Tamil Nadu.