Cholamandalam Home Loan
- Available to Resident Indians - Salaried and Self-Employed
- Loan Tenure up to 30 years
- Competitive interest rates
Cholamandalam Investment and Finance Company Limited (Chola) offers Home Loans to salaried and self-employed individuals at competitive rates for a tenure of up to 30 years. This may vary based on the scheme a borrower chooses.
|Cholamandalam Home Loan Summary|
|Borrower Type||Resident Indians|
|Employment Type||Salaried and Non-Salaried Individuals|
|Loan Amount||Varies from one case to another|
|Interest Rate||Varies from one case to another|
|Loan Tenure||Up to 30 years|
Cholamandalam Home Loan Eligibility Criteria
Loan rejections can affect your credit score. That is why it’s important to check the loan eligibility with the Fincity Eligibility Calculator before you apply for a Cholamandalam Home Loan.
- Age: Younger people have a higher probability of getting a home loan sanctioned for a longer tenure. This is because they have more years left in the workforce - meaning a longer time to repay the loan.
- Credit Score: A good credit score reflects that you’re responsible with your finances and increases the chances of loan approval. It additionally helps you get loans at lower interest rates.
- Property Type and Valuation: Your application is also evaluated based on the age, location and valuation of the property. In case the property’s location is outside the defined area or the property’s age is not per the lender’s criteria, your application has a chance of being rejected.
- Debt-to-Income Ratio: A higher Debt-to-Income ratio or Financial Obligation to Income ratio (FOIR) implies a higher chance of payment default since a substantial portion of the income will go into paying off existing debts. It’s advisable to keep both of these below 40-50%.
- Steady Income: Lenders want to be sure that a borrower has the capacity to repay the loan within the stipulated tenure. A regular income ensures financial stability and the lenders prefer that.
Know how much home loan you are eligible for!
Use the Fincity Eligibility Calculator to find out now.
Cholamandalam Home Loan Interest Rates
Cholamandalam Home Loan interest rates may vary depending on the following factors:
|Loan Amount||A higher loan amount comes with a higher risk of default by the borrower. Therefore, the lender may charge a higher interest rate in this case.|
|Income||The loan interest rate for salaried borrowers is generally lower than that for self-employed individuals. This is because a salaried individual’s income is considered more stable than that of a self-employed person.|
|Credit Score||Since this indicates your credit behavior, a good credit score increases the chances of getting a loan at a lower interest rate.|
|External Benchmarks||Like any other bank or NBFC in India, the interest rate offered by Cholamandalam Investment and Finance Company Limited is linked to external benchmarks such as repo rate. Any variation in these benchmarks will affect the home loan interest rate.|
Cholamandalam Home Loan EMI Calculation
It’s better to check the EMI amount for your Chola Home Loan so you can choose the tenure and amount wisely. Enter basic details such as the loan tenure, loan amount and interest rate in the Fincity Home Loan EMI calculator to check how much EMI you will have to pay each month.
Cholamandalam Home Loan Documents
The documents required to apply for a Chola home loan is as below:
- Duly filled and signed home loan application form
- Two passport size photographs
- Proof of identity (such as Aadhaar Card, PAN Card, Passport, Driving License, etc.)
- PAN Card
- Proof of address (such as Aadhaar, Passport, Driving License, Utility Bills, etc.)
- 3 months’ pay slips
- Form 16 of past two years
- Bank statement of past six months
Note : Required documents must be self-attested and may slightly differ.
Cholamandalam Home Loan Scheme Benefits
Cholamandalam Home Loans help borrowers with funds for purchase of a new house, buying a residential plot or construction of a house on owned property. It also offers customers the Home Loan Balance Transfer facility.
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