Get details on Chola Home Loan interest rate, EMI, and eligibility
Cholamandalam Investment and Finance Company Limited is a financial services provider company. Known for its presence in various sectors of financing, it offers the Chola Home Loan, a feature-laden offering. Use this provision to construct a home, buy a ready-to-occupy home or opt for the balance transfer provision.
By using the Home Loan EMI calculator on Bajaj Markets, you can understand the monthly payable amount before applying.
Chola offers home loans with interest rates starting from 9% per annum. The company provides floating interest rates on all home loans. Here is a quick overview of the loan:
Interest Rate |
9% onwards |
Loan Amount |
₹3 Lakhs to ₹40 Lakhs |
Tenure |
Up to 20 years |
Sourcing and Processing Charges |
Up to ₹5,000 (including GST) |
Admin Fees |
Up to 2% of the loan amount |
Disclaimer: The interest rates mentioned are subject to change at the lender’s discretion.
The Chola Finance Home Loan interest rates are among the more attractive offers in the market. As such, you can get funds on affordable terms and own the home of your dreams. Given below are the specifics of the Chola Home Loan rates:
Type |
Annual Interest Rate |
Prime Salaried and Self Employed Prime |
9% - 15% |
Low Income Salaried |
10% - 18% |
Affordable housing - new purchase/construction/existing property |
10% - 20% |
Loans for shop and commercial property |
11% - 20% |
Cash Salaried |
12% – 20% |
Affordable LAP |
12% – 21% |
Disclaimer: The interest rates mentioned are subject to change at the lender’s discretion.
You can refer to the table below to compare Chola Home Loan interest rates with other lenders. This helps you make an informed financial decision and choose the best option for you.
Home Loan Providers |
Interest rates |
Bajaj Housing Finance Limited |
8.55% p.a. onwards |
Home First Finance Company |
9.00% p.a. onwards |
ICICI Bank |
9.00% p.a. onwards |
India Shelter |
13.00% p.a. onwards |
Kotak Mahindra Bank |
9.00% p.a. onwards |
LIC Housing Finance |
8.65% p.a. onwards |
PNB Housing Finance Limited |
8.50% p.a. onwards |
Shriram Housing Finance |
11.50% p.a. onwards |
Shubham Housing Finance |
9.90% p.a. onwards |
L&T Finance |
8.60% p.a. onwards |
Vridhi Home Finance |
12.00% p.a. onwards |
Sammaan Capital |
8.75% p.a. onwards |
Disclaimer: The Interest rates mentioned are subject to change at the lenders’ discretion.
Chola Home Finance is one of the best options out there if you require a home loan with a simple application process. However, it is essential to remember that planning for a home loan is an important decision.
A home loan EMI calculator can assist you in calculating your EMI within minutes. An EMI calculator is a digital tool you can use to calculate your EMIs. To get started, simply enter the following information:
Home loan amount
Interest rate
Tenure
Once done, the calculator automatically computes and displays accurate estimates. You can use the EMI calculator below or by visiting the website:
The Chola Home Loan has many features and benefits, making it a smart option for many borrowers. These benefits include:
Multiple loan options
Low Interest rates
Simple application process
Low processing fees
Quick loan approval
Low service charges
Minimal documentation requirements
Loan transfer facility
While the eligibility criteria for a Chola Housing Loan is fairly lenient, ensure that to meet all the terms to have the best chance at approval. Here are the requirements to know:
Age of Applicant: You must be between 21 years and 65 years of age
Income of Applicant and Co-Applicant: You must meet the minimum income requirements for your city
Credit report and credit score: Your credit score must be 750 or higher
Nationality and Residence: You must be an Indian citizen or resident
Aside from these requirements, the lender may also mention other terms at the time of application. As such, it is best to contact a branch to know the latest requirements before applying.
Knowing the Chola Home Loan documents is key to successfully applying for a Chola Bank Home Loan. Here are the documents you will need:
Filled loan application form
Passport-size photographs
Identity Proof: (Any one of the following)
Aadhaar card
Passport
Voter ID
PAN card
Ration card
Driving licence
Address Proof: (Any one of the following)
Aadhaar card
Passport
Voter ID
PAN card
Ration card
Driving licence
Appointment letter
Pay slips for the last 3 months
Credit statement for last 1 year
Employee ID
Property documents
Business Proof- business incorporation details/VAT registration/Business address proof
Balance sheet and Profit and loss statement (certified by CA)
Partnership deed
Property documents
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 expansion or extension
Purchase or resale
Purchase a new home from a developer
Shop loan
Balance transfer
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 in the OTP sent on the mobile number
Complete the formalities
Wait for loan processing
Get approval and proceed with Legal and other checks
Authorise disbursal
In addition to the interest rate, you also need to pay some other fees and charges based on the condition. For instance:
Particulars |
Charges |
Sourcing and processing charges |
Up to ₹5,000 (including GST) |
Administrative charges |
Up to 2% of the loan amount |
Statement of accounts |
Up to ₹500 + GST |
Swapping charges |
Up to ₹500 + GST |
Duplicate NOC charges |
Up to ₹500 + GST |
Interest rate reset charges |
Up to 2% of the principal outstanding |
Additional interest for late payment |
36% p.a. over and above the rate mentioned for the delayed EMI |
Cheque bounce charges |
Up to ₹1,000 per bounce |
Disclaimer: The charges mentioned above are subject to change at the lender’s discretion.
Chola offers customer support over the telephone, SMS and email. Here are the details:
Website: www.cholamandalam.com
Email: customercare@chola.murugappa.com
Contact number (call): 1800-102-4565
Contact number (SMS): 9500000312
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
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.
You can pre-close your Chola Home Loan. However, you will have to pay up to 2% of the balance principal of your total home loan to do so using your own funds. On the other hand, you may have to pay up to 4% of the outstanding amount if you decide to pre-close the loan by opting for a balance transfer.
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 at Chola checks your credit report and CIBIL score.
You must be between 21 and 65 years of age to be eligible for the 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 or send an SMS to 9500000312.
Chola Home Loans comes with a flexible repayment tenure of up to 20 years, allowing you to manage your EMIs comfortably over a longer period.