Cholamandalam Finance Home Loan

Benefits of Cholamandalam Finance Home Loan

When you secure a home loan from the Cholamandalam Investment and Finance Company, you get an array of amazing benefits. Here are the benefits you unlock with a Chola Home Loan:

Loans for All

Cholamandalam Investment and Finance Company offers home loans to all salaried individuals and self-employed persons. If you cope with the home loan eligibility criteria set by the bank, you can avail of the loan with utmost ease.

Minimum Documentation

Cholamandalam Investment and Finance Company demands minimal documents to provide quick and hassle-free home loan approval.

Hassle-free Procedures

Applying for a Cholamandalam Investment and Finance Company Home Loan comes in handy, especially through the official website. All you have to do is fill out the application form and submit the same along with the requisite documents. Once the lender receives your application, the evaluation process is completed at your convenience. The presence of the website and the option to apply online made the entire process hassle-free.

Home Loan Instalments that Fits Your Pocket

Cholamandalam Investment and Finance Company allows borrowers to choose a flexible repayment tenure per their current financial conditions. You don’t have to burden yourself with huge home loan EMIs. Additionally, you get the floating interest rate option for your home loan repayment.

Repayment Flexibility Of the Home Loan

Cholamandalam Investment and Finance Company provides several options for creating a home loan repayment structure that matches your financial status. You get flexibility regarding loan repayment tenure, part-prepayments, foreclosure, and prepayment.

Tax Benefits

One of the foremost benefits you get with a home loan is tax benefits. Under Section 80C, Income Tax Act, 1961, a borrower can claim up to INR 1.5 lakhs on the principal loan amount.

Eligibility Criteria of Cholamandalam Home Loan

You just have to meet the minimal Cholamandalam Investment and Finance Company Home Loan eligibility criteria to get quick approval on your home loan application. Chola home loans are available for both salaried and self-employed individuals. You just have to provide the required set of documents. However, you can contact the bank executive to enquire more about this exclusive financial product.

Cholamandalam Finance Home Loan Fees and Charges

Before applying for a home loan from Cholamandalam Investment and Finance Company, you must know the charges you might have to pay before and post your loan disbursal. You must be ready to pay these charges and understand whether you can bear the same or not.

Documents Required for Cholamandalam Finance Home Loan

Be prepared with the following documents ahead of time to get loan approval in no time. In general, Cholamandalam Investment and Finance Company Home Loan documents comprise common and income proof documents.

Common Documents

• Filled out home loan application form
• Two passport-size photos
• Documents associated with ID proof
• Date of Birth proof documents
• Residence proof documents
• Copy of Aadhaar Card and PAN Card
• Property documents for which you are securing a home loan
• DD or cheque for the payment of the Processing fee

Income Documents in Case of Salaried Applicants

• Salary slips for last six months
• Bank account statement (last six months)
• Employment proof validating your employment in the current organisation

Income Documents in Case of Self-Employed Applicants

• Profit and Loss business account statements (last three years)
• Balance Sheet
• Income Tax Returns (last three years)
• A broad summary inclusive of the nature of business, year of establishment, annual income, net worth, etc.
• Bank Statements of all business accounts
• Business licence

How does the EMI Calculation Work for Cholamandalam Finance Home Loan?

You can calculate your EMIs by being acquainted with the principal loan amount, repayment tenure and Cholamandalam Investment and Finance Company home loan interest rate. The EMI calculator works on the following formula. However, the home loan EMI calculator also computes values based on this formula.

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

Where,

• The principal loan amount P  can be up to 80% of the property value.
• The rate of interest ranges from 9% to 17%.
• The loan tenure: n falls in the bracket of 10 to 20 years.