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Cholamandalam Loan Against Property Eligibility Calculator

Cholamandalam Loan Against Property Eligibility Criteria 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 loan against property is calculated based on your age, income, property value and repayment capacity.
  • You can increase your Cholamandalam mortgage loan eligibility by adding earning family members, business firms and companies owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

Cholamandalam Loan Against Property Eligibility

Cholamandalam allows you to fund immediate or urgent needs with a loan against property. Cholamandalam loan against property is a secured loan which does not come with any end usage restriction. The bank offers different types of mortgage schemes at affordable rates to eligible customers. The loan can be availed by both salaried and self-employed individuals. Cholamandalam lap eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:-

Cholamandalam Loan Against Property Eligibility Based on Age

    Cholamandalam considers your age as one of the important parameters to calculate your Cholamandalam property loan eligibility. To be eligible for availing a loan from Cholamandalam, one has to be of 21 years of age. The maximum age for loan from Cholamandalam can be 65 years. 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 Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. Cholamandalam typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by Cholamandalam to approve property loan is ₹ 70,000 .

    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. Cholamandalam requires minimum income history and job stability of more than years for salaried individuals and of 2 years for self employed individuals.

Cholamandalam Property Loan 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. You can get a maximum of 70% of property’s value as a loan against residential 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. The percentage of Cholamandalam loans will get lower if it is against commercial property.
    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, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Cholamandalam.

Cholamandalam Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. 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.

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 calculates your fixed obligations to monthly income ratio that 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.

How to Calculate Cholamandalam Loan Against Property Eligibility?

To check loan against property eligibility Cholamandalam follow the below given steps:-

  • Visit to the Cholamandalam website.
  • Click on Cholamandalam loan against property.
  • To check eligibility criteria use a Cholamandalam loan against property calculator.
  • Fill the required details like loan amount required, salary, age etc.

The formula used to calculate LTV is loan amount needed/ property amount*100

Apart from that you can also use MyLoanCare Loan Against Property Eligibility Criteria to determine your eligibility for Cholamandalam Loan against property.

Documents Required for Cholamandalam Loan on Property

To avail Cholamandalam loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

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. Cholamandalam considers your age as an important parameter to determine your Loan against property tenure.

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. Also, higher loan tenure means higher rate of interest.

How much Cholamandalam 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 if they mortgage residential property whereas you can avail up to 70% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from Cholamandalam if I am not a Cholamandalam customer?

Yes, you can get a loan against property from Cholamandalam if you are not a Cholamandalam customer. However, you can get a competitive interest rate if you are already a customer of a bank.

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