Cholamandalam Home Loan
Headquartered in Chennai, Cholamandalam Investment and Finance Company Ltd. is the financial arm of the prestigious Murugappa Group. With over 1204 branches of PAN-India, Cholamandalam Housing Finance has helped customers live a better life with its various financial offerings, such as home loans. Cholamandalam home loans start with an ROI of 9.00% that might go up to 20.00% per annum at a processing fee of Rs. 5000, including GST. Applicants prefer choosing Chola home loans for easy approvals, minimum paperwork, no mandatory CIBIL score, low interest rates, and customized eligibility for salaried and self-employed applicants. Informal income groups can avail of lucrative subsidies through Chola PMAY home loan schemes.
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Cholamandalam Home Loan Key Highlights
Get the lowest interest rates with Cholamandalam
| Loan Amount | Starting at Rs. 10 Lakhs |
|---|---|
| Rate of Interest | 9.00% - 20.00% per annum |
| RPLR | |
| Processing Fee |
Rs. 5000, including GST |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/Floater |
| Charges for Prepayment/Foreclosure | Nil |
Cholamandalam Home Loan Interest Rates in 2024
NBFCs like Cholamandalam Investment HFL have set up their interest rates on home loans so that it turns out to be a win-win situation for both the borrower and the lender. The Cholamandalam home loan interest rate varies for different types of income groups and home loan schemes. The table below enlists the current Cholamandalam home loan interest rates in 2023 for your reference:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Salaried and Self-Employed | 9% - 15% per annum |
| (Salaried) Low-Income | 10% - 18% per annum |
| Affordable Housing (Purchase/ Construction/ Existing) | 10% - 20% per annum |
| Cash-Salaried | 12% - 20% per annum |
Interest rates were last updated on 4th September 2023
Cholamandalam Home Loan Eligibility Criteria
Cholamandalam Investment HFL offers hassle-free home loans on a customized basis to salaried and self-employed borrowers. Please check the Chola home loan eligibility criteria before applying for a home loan. The table below enlists the Chola home loan eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 65 Years | 21 - 65 Years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Nothing Specific | Nothing Specific |
Cholamandalam Housing Loan Processing Fee and Charges
Every day thousands of applicants submit home loan applications, and all banks and NBFCs charge a processing fee and other charges to process such applications. Cholamandalam Investment and Finance Company Limited charges a processing fee of Rs. 5000, including GST, for each such home loan application. The table below enlists the Cholamandalam home loan processing fee and charges for your reference:
| Processing Fee | Rs. 5000, including GST |
|---|---|
| Admin Fee | 2% of the loan amount |
| Duplicate NOC (No Objection Certificate) | Rs. 500 + GST |
| Cheque/ ECS Bounce Charges | Rs. 500 + GST |
| Rate of Package Swapping (Floater to Fixed and Vice-Versa) | Rs. 500 + GST |
| Interest Rate Switch | 1% of the outstanding principle |
| Copy of Documents | Rs. 750 + GST |
| Field Visit | Rs. 250 + GST per visit |
| CERSAI | Rs. 118, including GST |
| Additional Interest for Late Payment | 1.50% additional interest on the mentioned rate for delayed EMI or PEMI payments for the total delayed period |
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Cholamandalam Home Finance Schemes and Top Plans
Chola understands the financial needs of the middle class and weaker sections of society and helps them fulfill their dreams of owning a home. For this, Cholamandalam Housing Finance offers a variety of home loan schemes, and these are described below:
1. Home Extension Loans
- Perfect for those keen to extend, renovate, or repair an existing home
- Minimum documentation, even for first-time borrowers
- Flexible loan repayment options
2. Self-Construction Loans
- Perfect home loans for those willing to construct a home of their own on an already purchased land
- Tax benefits under Section 80C of the Income Tax of India 1971 Act
- Easy loan approvals and flexible repayment facility
3. Loans for Purchase of Resale Flat/ Independent House
- Ideal for those who want to purchase a resale flat or an independent house from the previous owner
- Customized eligibility for salaried and self-employed applicants
- Capital appreciation benefits from increasing the price of the property in the future
4. Loans for Purchase of New Flat/ Independent House
- Ideal for those keen to purchase a new flat from a Builder, Development Authority, or State Housing Board
- Flexible loan repayment options
- Quick loan approvals and disbursals
5. Loans for Mixed-Use
- Best for those looking for funds to buy a residential or commercial property
- Tax benefits under Section 80C of the Income Tax of India 1971 Act
- Timely loan disbursals for properties under construction a
6. Home Loan Balance Transfer
- Flexible balance transfer from an existing home loan to a Chola home loan
- Easy EMI options for repayment
- Flexible repayment tenure of up to 30 years
- Quick Top-Up facility
7. Chola PMAY Home Loans
- Perfect for informal income sectors (EWS, LIG, MIG 1, MIG 2) who wish to purchase, construct, or extend a house
- Facilities of Credit Linked Subsidy Scheme (CLSS) for weaker sections of the society
- Saves up to Rs. 2.67 lakhs with subsidy
Note: All of the above home loan plans are made available to applicants solely at the discretion of Cholamandalam Home Loan, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Cholamandalam Home Loan
You must possess a certain set of KYC documents to get a Chola home loan. Have a look at the list of essential Cholamandalam home loan documents and arrange for the same before applying for a housing loan:
Documents Required for Salaried Applicants
- Salary Slip for the last 3 months
- Bank Passbook or Statements for the last 6 months with attested photo
- Form 16/ ITR for the last 2 years
- Duly filled and signed application form
- Passport-size photographs
- Processing fee cheque in favor of Cholamandalam HFL
Documents Required for Self-Employed Applicants
- Shop Establishment Act Certificate
- Certificate for Sales Tax Registration
- Certificate of Incorporation
- Bank Passbook or Statements for the last 6 months with attested photo
- Form 16/ ITR for the last 2 years
- Duly filled and signed application form
- Passport-size photographs
- Processing fee cheque in favor of Cholamandalam HFL
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
|
Find Cholamandalam Home Loan Offices Near You
If you are planning to visit one of the offices of Cholamandalam Home Loan near you to understand the Cholamandalam Home Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
The current interest rate for a Chola home loan starts at 9.00% per annum and may go up to 20.00% per annum for certain home loan schemes. However, we suggest you verify the same by visiting the official website of Chola.
Cholamandalam Investment HFL doesn’t charge any fee for the preclosure of a home loan.
The minimum age limit to apply for a Cholamandalam home loan is 21 years, and the maximum age of the applicant at the time of the superannuation should not be more than 65 years.
You can easily check your Cholamandalam home loan status by following these steps:
- Visit the official Cholamandalam website
- Select the ‘Customer Login Tab’
- Registered users can then click on ‘My Account or ‘Sign Up to create an account
- Once logged in, click on the option to ‘Download the Home Loan Statement’
Yes, there is an easy and flexible way for a balance transfer from an existing home loan to a Cholamandalam home loan. For this, the applicant can apply for the Chola Balance Transfer Home Loan Scheme and also avail of additional Top-Up benefits.
The minimum home loan amount offered by Cholamandalam Housing Finance is Rs. 10 lakhs, which may go up as per the repayment capacity of the borrower.
An applicant can expect a home loan approval from Cholamandalam in 5 to 7 days, provided all the required documents and fees are submitted with a duly filled application form.
Borrowers can fetch the following advantages by getting a Chola home loan:
- Customized eligibility for salaried and self-employed applicants
- No CIBIL Score required
- Flexible repayment options
- Easy balance transfer facility
- Minimum documentation
- Hassle-free loan approvals