Home Loans

Chola with its deep understanding of the middle income families in India offers customized affordable home loans to suit all budgets at the doorstep of the customer with ease and convenience. Our customized eligibility programs have enabled thousands of Self-Employed (business owners) and Salaried employees to realize their dream of owning a home.

Types of Loans

  • Self-Construction Loans
  • Loans for Purchase of Resale Flat/Independent Houses
  • Loans for Purchase of New Flat/Independent House
  • Loans for Mixed-Use (Residential with small commercial unit)
  • Home-Extension Loans
  • Balance Transfer of Existing Loans from other financiers with Top up loans

Features & Benefits

Minimum Documentation Minimum Documentation
ITR/Cibil Score not mandatory ITR/Cibil Score not mandatory
Customised Eligibility for Salaried and Self Employed Customised Eligibility for Salaried and Self Employed
For both Residential and Commercial use For both Residential and Commercial use

Quick Financial Support

Frequently Asked Questions

  • What is a Home Loan?

    A home loan is a loan offered to business owners and salaried individuals for the purchase of a home to reside in. Customers can choose to have a house constructed on their land, extend their existing home by adding a floor, buy a resale flat/independent house, buy a new flat/independent house from a developer or transfer the balance from a home loan availed from another financial institution.

  • What are the factors that determine Home Loans eligibility?

    At Chola, the documents required for a Home Loan are minimal. KYC documents (Address Proof such as Aadhaar card, Latest utility bill, etc.; Identity Proof such as Pan Card, Driving License, etc.) and bank account statements are mandatory. For business owners, proof of business establishment is required. For salaried customers, the last 3 months' pay slips and Form 16 are required.

  • What is the Tenure of a Home Loan?

    Home loans typically have a maximum tenure of 30 years and a minimum tenure of 5 years.

  • Is there an Age restriction to apply for a Home Loan

    To apply for a home loan one must be at least 21 years old when the loan period begins and should not exceed an age of 65 years when the loan ends or at the time of superannuation.

  • Can I apply for a Joint Home Loan

    Yes you can apply for a joint loan with your spouse or immediate family like your parents and children. Friends and other contacts do not qualify as a joint applicant with you.

  • What is Floating Rate of Interest

    A floating interest rate fluctuates or changes along with market conditions. If one chooses a floating interest rate he/she ends up paying a different EMI amount each time the base rate changes. This rate could increase in an increasing interest rate scenario and vice-versa.

  • What is a Fixed Rate Home Loan

    Fixed rate home loans are offered at a predetermined interest rate during the loan period and these remain unchanged during the loan period irrespective of market conditions.

  • Can I switch from a Floating Rate Home Loan to a Fixed Rate Home Loan

    Yes you have the option of switching from a floating rate to a fixed rate home loan and the other way around. Charges may be applicable for switching from fixed to floating rate.

  • How do I repay my Home Loan

    Your EMI will be deducted directly from your account upon registration of your mandate with NACH (National Automatic Clearance House).

  • Is Prepayment of Home Loan allowed

    Yes, one can repay the loan amount before completion of the scheduled loan tenure by paying off the amount outstanding. Prepayment charges may be applicable based on the loan type and nature of closure.

  • What are the documents needed for applying for home loan?

    At Chola, the documents required for a Home Loan are minimal. KYC documents (Address Proof such as Aadhaar card, Latest utility bill, etc.; Identity Proof such as Pan Card, Driving License, etc.) and bank account statements are mandatory. For business owners, proof of business establishment is required. For salaried customers, the last 3 months' pay slips and Form 16 are required.

  • Is there any tax benefit available on home loans?

    Yes, you get a tax deduction and other home loan benefits. Under Section 80C, you can claim deductions up to Rs. 1.5 lakh for the principal repayment done in the financial year. Under Section 24B, you can claim deduction for up to Rs. 2 lakh for the accrual and payment of interest on a home loan. In the case of a joint home loan, each borrower can claim a deduction of principal repayment (Section 80C) and interest payment (Section 24B) if they are also the co-owners of the property. The above information is a summary of relevant provisions under the Income Tax Act. Please read the concerned income tax provisions in detail or consult tax advisors for a full understanding of the implications.

  • What is a Top Up for Home Loan?

    If you have an existing home loan and have made timely repayments towards the existing home loan, you may get the option of borrowing an additional loan. This is termed as a top-up loan. The interest rates on a top-up loan are less than a personal loan and it requires little or no paperwork to process this loan and the money can be used for a range of expenses.

  • Is having a good credit record important in case of a home loan?

    A home loan is a long-term loan (up to 20 years tenure). Hence, lenders want to ensure that they will get their money back in the long term. Therefore, the loan sanctioning authority will check your credit history before sanctioning a home loan to you. However, at Chola, it is not mandatory to have a credit score and first-time borrowers are also eligible for loans.

  • What are the different types of home loan?

    There are various types of home loans depending on your specific requirement. Some of the key ones are as follows: Self-Construction: This type of loan is granted to individuals for the construction of a house on a plot of land that they own. Purchase/Resale: This type of home loan is granted to individuals who would buy an existing property (Flat/Independent house) from the previous owner. Purchase a new home from the developer: This type of home loan is granted to individuals to buy a new property (Flat/Independent house) from the builder. Home Expansion/Extension: This loan is specifically granted to individuals who want to expand their current home to include a new construction such as an additional floor, room, bathroom, etc. Balance Transfer: Individuals who have already availed a home loan from another financier may choose to transfer the remaining balance to another financier. The property is valued again and therefore the individual may be able to borrow a higher amount than the balance (Top-up) while going in for a Balance Transfer loan. Shop Loan: This type of home loans is granted to buy or construct a shop/commercial establishment. At Chola we provide loans to own your own commercial premises.

Our Products