Cholamandalam Investment and Finance Company (Chola Finance) provides various kinds of home loan products to its customers, including top-up loans on the existing home loans, based on the customer’s credit profile and repayment timeliness with respect to the existing home loan.
Key Features of Chola Top-up Home Loans
- Chola Finance Top-up Home loan is available if there is a clear repayment history for the past six months on the existing home loan.
- Top-up loans are available to salaried and self-employed individuals.
- To avail of the top-up home loan visit the company’s branch or call their toll-free number 1800- 102-4565.
Key Benefits of Top-up Home Loans
Top-up home loans have various benefits like
- Lower rate of interest as compared to personal loans or home loans.
- Can be undertaken for various needs ranging from construction expenses to renovation of the house.
- Can also be used for personal or business purposes, but depends on the bank allotting it.
- Tax benefits can be availed only if the top-loan is being used strictly for home construction or renovation.
- The maximum tax deduction for a top-up loan with respect to a self-occupied property is Rs. 30, 000.
- No limit on tax deduction on top-up loans for the let-out property, though under the overtax deduction limit of Rs. 2 lakhs per year.
- A quick loan process and speedy disbursal of loans.