According to the Hindu legend, Singaperumalkovil is referred by a Sanskrit Padalathri. The temple finds mention in Brahmanda Purana, which mentions that Vishnu appeared as Narasimha to the sages performing penance at this place after killing the demon king Hiranyakasipu. Hiranyakasipu was troubling the Devas as he got a boon from Brahma that no human can kill him. His son Prahlada was an ardent devotee of Vishnu, which Hiranyakasipu discouraged. He also tried to slay Prahalad by various means, but was saved by the divine grace of Vishnu. Vishnu took the avatar of Narasimha and appeared from a pillar. Narasimha was a human with lion face and slayed Hiranyakasipu on an evening time in a doorway, which was neither land nor air. His anger was not quenched even after slaying the demon king, but Prahalad sang and prayed Narasimha to calm down, which he acceded to. He is also believed to have quenched his anger by bathing at the temple tank in this place. The water is believed to have turned red after the incident.