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Get details on Chola Home Loan interest rate starting from 13.5% p.a., tenure up to 20 years, loan amount up to ₹40 Lakhs, eligibility criteria, required documents, and repayment options.
Cholamandalam Home Loan is designed to make home ownership simple and affordable. It offers loan amounts of up to ₹40 Lakhs, competitive interest rates starting from 13.5% p.a. (fixed), and a flexible repayment tenure of up to 20 years.
Whether you are buying a new home or transferring an existing loan, Chola ensures easy eligibility, quick approvals, and flexible repayment options. By using the Home Loan EMI calculator on Bajaj Markets, you can understand the monthly payable amount before applying.
Buying a home with Chola becomes easier with transparent interest rates and charges. Here’s a quick look at the key details:
| Particulars | Details |
|---|---|
Interest Rate |
Starts from 13.5% p.a. (fixed) |
Interest Rate Reset Charges |
Up to 2% of the loan amount |
Admin and Processing Fee |
Up to 1.5% of the loan amount + GST |
Disclaimer: The details mentioned above are subject to change at the lender’s discretion.
Apart from the interest rate and processing fee, certain additional charges may apply to your home loan.
| Types Charge | Details |
|---|---|
Pre-closure Charges |
NIL |
Cheque and Mandate Bounce Charges |
₹1,000 per bounce |
Property Valuation Charges |
Up to ₹1,000 + GST |
Penal Charges |
Up to 36% p.a. on the unpaid amount |
Disclaimer: The details mentioned above are subject to change at the lender’s discretion.
You may borrow between ₹3 Lakhs and ₹40 Lakhs, depending on your eligibility and requirements. This flexibility ensures suitability for a variety of financial needs.
The loan approval process is efficient, with timely disbursal of funds. This allows you to access financing precisely when it is required.
Fixed interest rates begin at 13.5% p.a., helping you maintain affordable EMIs. The competitive structure makes repayment more manageable.
A repayment period of up to 20 years is available, allowing you to select a term suited to your financial planning. This extended tenure helps keep instalments more convenient.
Cholamandalam offers home loans with simple eligibility terms, making it easier for you to apply. Here are the key criteria:
Age: You need to be between 21 and 65 years of age
Income: You are required to meet the minimum income criteria as per your city of residence
Nationality: You need to be an Indian citizen
Employment Type: You can apply if you are a salaried individual, self-employed professional, or non-professional
Steady Income: You must have a stable and regular income source to ensure repayment capacity
When applying for a home loan, keeping the required documents ready ensures faster approval. Here is a list of documents you need to provide:
For Salaried Individuals:
Proof of Identity and Address: Aadhaar Card, PAN Card, Passport, Voter ID, or Driving Licence
Proof of Income: Latest salary slips or Form 16
PAN Card: Mandatory for application
Bank Statements: Last 12 months’ bank statements
Loan Details: Information about all existing loans, if any
For Self-Employed Individuals:
Proof of Business: Business registration certificate, GST details, or equivalent documents
Proof of Identity and Address: Aadhaar Card, Passport, Voter ID, or Driving Licence
Proof of Income: Latest ITRs, audited financials, or income proof
PAN Card: Mandatory for application
Bank Statements: Last 6 months’ bank statements
Loan Details: Information about all running loans, if any
As a borrower, there are several Chola Home Finance options based on your needs. Some of the home loan types under the Chola Home Loan are:
Self-construction (Home Loans)
Home Extension (Improvement Loan)
Purchase of New or Resale Property (Flats/Houses)
Mixed-use Loan (Residential and Commercial)
Balance Transfer (Top-up)
Getting a Chola Home Loan is easy, and it has a simplified process. Follow the given steps to apply for a home loan:
Visit the official Chola webpage and go to ‘Home Loan’
Click on ‘Apply Loan’
Enter your mobile number and click on ‘Apply Now’
Type the OTP sent to your mobile number
Complete the formalities
Wait for loan processing
Get approval and proceed with Legal and other checks
Authorise disbursal
You can easily track the status of your Cholamandalam Home Loan through the following options:
Email: Send a request from your registered email ID to customercare@chola.murugappa.com to receive an update on your loan status
Customer Care: Call the toll-free number at 1800 102 4565 or 1800 123 4565 from your registered mobile number to speak with a representative and check your loan status
Branch Visit: Visit the nearest Cholamandalam branch and request your loan status or statement at the customer service desk
You can access your Cholamandalam Home Loan statement easily through online and offline methods. Here are the available options:
Online Method
Visit the Cholamandalam Home Loan portal
Click on ‘Customer Login’ on the homepage, and click on ‘Chola One’
Log in using your mobile number that is linked to your loan account
After logging in, go to the section displaying your home loan details and select the option to view statements
Choose the required statement period and download it instantly in PDF format
Offline Methods
Branch Visit: Visit your nearest Cholamandalam branch, provide your loan account details and ID proof, specify the required statement period, and collect a printed copy
Email Request: Send an email to customercare@chola.murugappa.com with your account information and statement request
Cholamandalam provides dedicated customer support through multiple channels. Here are the details:
Website: www.cholamandalam.com
Email: customercare@chola.murugappa.com
Contact Number (call): 1800 102 4565
You can also visit the corporate office at the following address:
Corporate Office: Cholamandalam Investment and Finance Company Limited (CIFCL), Chola Crest, C54-55 & Super B-4, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai - 600032
Cholamandalam offers simple and secure repayment options to make EMI payments hassle-free. Here are the available modes:
NACH Mandate: Your EMI is automatically deducted from your registered bank account through NACH
Online Payment: Repay your EMIs conveniently through net banking, debit card, or UPI on the official Chola portal
Branch Payment: Visit the nearest Cholamandalam branch and make payments directly at the customer service desk
You can apply for a maximum home loan amount of ₹40 Lakhs. The amount that you are eligible for depends upon various factors such as your credit report, credit history, Income, employment and repayment capacity.
As per Section 80C of the Income Tax Act, you can get tax benefits on your home loans. You can be eligible to claim a deduction of ₹1.50 Lakhs annually on your principal repaid. Additionally, as per Section 24(b) of the IT Act, you can also be eligible to claim deductions up to ₹2 Lakhs annually.
Yes, Chola Home Loan offers you the flexibility of transferring your home loan from another bank to Chola.
Yes, while applying for a home loan, Chola checks your credit report and CIBIL score to assess your eligibility.
You need to be between 21 and 65 years of age to qualify for a Cholamandalam Home Loan.
To check your Chola Home Loan status, you can use the Chola One app or the Chola website. You can also contact their customer care at 1800 102 4565.
Chola Home Loan comes with a flexible repayment tenure of up to 20 years, allowing you to manage your EMIs comfortably over a longer period.
Yes, you may apply jointly with your spouse, parents, or children. However, friends or non-family members are not eligible as co-applicants.
Chola typically requires 5 to 7 working days to sanction a home loan once all necessary documents and the completed application form are submitted.
Yes, Chola offers home loans for under-construction properties. Construction loans are also available to finance the building of a home on an already purchased plot.
Yes, Chola provides a top-up loan facility on existing home loans. This enables you to access additional funds for purposes such as home renovation or other personal requirements.
Chola offers both fixed and floating interest rate options. Floating rates generally range from 11% p.a. to 18% p.a., while fixed rates are available between 13.5% p.a. and 18% p.a. Hybrid rate options are not currently offered.
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