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Cholamandalam Loan Against Property Eligibility

Cholamandalam Loan Against Property Calculator India Apr 2021

Last Updated 30th Mar 2021

Eligibility Criteria Self Employed
Age of Eligible Borrower 21 - 65 years
Maximum Loan Tenure 15 years
Eligible Monthly Income ₹ 15,000
  • Cholamandalam offers Loan Against Property Rates at 11.50% p.a.
  • Cholamandalam loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your Cholamandalam mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan
Loan Against Property Eligibility Calculator

Cholamandalam Loan Against Property Eligibility Based on Age

  • Age: Cholamandalam considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from Cholamandalam, one has to be of atleast 21 years of age. The maximum age for loan from Cholamandalam can be 65 years for salaried. Cholamandalam eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your Current Age Max tenure for self employed
25 Years 15 Years
30 Years 15 Years
40 Years 15 Years
50 Years 15 Years
60 Years 5 Years

Cholamandalam Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. Cholamandalam typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility.

    You may consider repaying any loans with short tenure and high EMI in order to increase your Cholamandalam loan against property eligibility.

  • Nature of Employment: Cholamandalam will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. Cholamandalam requires minimum income history and job stability of more than years for salaried individuals and of 2 years for self employed individuals.

Cholamandalam Loan Against Property Eligibility Based on Value of Property

  • Value of Property: Cholamandalam does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 14 Lakh.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 70% ₹ 20 Lakh ₹ 14 Lakh
    Residential Property 70% ₹ 20 Lakh ₹ 14 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Cholamandalam, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Cholamandalam.

Cholamandalam Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. Cholamandalam requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from Cholamandalam.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Cholamandalam.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Cholamandalam, improve your credit worthiness to get a good score before putting in an application in another bank.

Cholamandalam Mortgage Loan Eligibility Based on FOIR

Cholamandalam calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Cholamandalam will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 0% to get a mortgage loan from Cholamandalam. Always calculate your eligibility with Cholamandalam mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

FAQs

What factors determine the eligibility criteria of property loan from Cholamandalam?

The factors that determine the eligibility criteria of Cholamandalam property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What is the minimum and maximum age required for Cholamandalam loan against property?

The minimum age of the applicant should be 21 years and maximum should be 65 years for loan against property from Cholamandalam.

What is the tenure of Cholamandalam property loan?

Cholamandalam offers property loan for a tenure upto 15 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Cholamandalam up to 70% of the market value of the property.

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*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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