Chola Finance offers various home loan products, wherein its customers can now enjoy hassle-free loan processing, less paperwork and faster approval. 

How to increase my eligibility on Cholamandalam Housing Loan?

A good credit score is the key criterion for getting faster access to Cholamandalam home loans as it helps the company in evaluating the borrower’s creditworthiness and capability to repay loans on time. Having a credit score of 750+ works to your advantage and helps you get the best home loans at the best rates. 

Besides a good credit score, make sure to meet the following criteria to improve your home loan eligibility: 

  • Proof of Indian citizenship to be submitted.
  • The borrower’s age should be between 21 years and 60 years.
  • The minimum monthly income requirement for the primary applicant is Rs 15,000.
  • The minimum monthly income requirement for co-applicant is Rs 10,000. 
  • Identity/Address Proof must be submitted. 
  • For Salaried Individuals, the below documents are a necessity
  • Job Appointment letter
  • Past 3 months’ salary slip
  • Past 1 year Credit statement 
  • Employee ID
  • All property documents
  • Past 4 years proof of asset creation
  • For Self-employed Individuals, the below documents are a necessity
  • Proof of business like VAT/Service tax registration, business incorporation details
  • CA certified Balance sheet and P&L statements 
  • Partnership deed agreement (if applicable), along with proof of business and business profile
  • Property related documents including past title chain, conveyance deed, sales deed, allotment letter, possession letter, latest property tax receipt and related documents

Important Points to Consider

  1. Chola Finance Home Loans can now also be availed by applying online. 
  2. Chola Finance Home Loans come with nil prepayment and nil foreclosure charges making it an attractive option