✓ Home Loan from ₹2 Lakhs to ₹15 Crores ✓ Interest Rates Starting @ 7.99% Check Offer

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 Home Loan Highlights

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.

Chola Home Loan Interest Rates

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.

Compare Chola Housing Loan Interest Rates

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 Loan EMI Calculator

Loan Amount
Tenure
Months
Rate of Interest
Home Loan
Your Monthly Home Loan EMI
Principal Amount
Total Interest
Total Amount Payable
Amortization Schedule
Download Amortization Schedule Download
Expand Amortization Schedule
Year Payable Amount Principal Interest Balance

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:

Features and Benefits of Chola Home Loans

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

Eligibility for Chola Home Loan

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.

Documents Required for Chola Home Loan

Knowing the Chola Home Loan documents is key to successfully applying for a Chola Bank Home Loan. Here are the documents you will need:

Mandatory Documents for All Applicants:

  • 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

Salaried Applicants:

  • Appointment letter

  • Pay slips for the last 3 months

  • Credit statement for last 1 year

  • Employee ID

  • Property documents

Self-employed Applicants:

  • Business Proof- business incorporation details/VAT registration/Business address proof

  • Balance sheet and Profit and loss statement (certified by CA)

  • Partnership deed

  • Property documents

Types of Home Loan Schemes Offered by Chola

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

How to Apply for a Chola Home Loan Online

Getting a Chola Home Loan is easy, and it has a simplified process. Follow the given steps to apply for a home loan:

  1. Visit the official Chola webpage and go to ‘Home Loan’

  2. Click on ‘Apply Loan’

  3. Enter your mobile number and click on ‘Apply Now’

  4. Type in the OTP sent on the mobile number

  5. Complete the formalities

  6. Wait for loan processing 

  7. Get approval and proceed with Legal and other checks

  8. Authorise disbursal

Chola Home Loan Processing Fees and Charges

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 Customer Care

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

FAQs on Cholamandalam Home Loan

What is the maximum Chola Home Loan amount?

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.

Can I enjoy tax benefits with a Chola Home Loan?

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.

Can I pre-close my Chola Home Loan?

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.

Can I transfer my house loan from another bank to Chola Home Loan?

Yes, Chola Home Loan offers you the flexibility of transferring your home loan from another bank to Chola.

Does Chola check CIBIL for a home loan?

Yes, while applying for a home loan at Chola checks your credit report and CIBIL score.

What is the age limit for a Cholama Home Loan?

You must be between 21 and 65 years of age to be eligible for the home loan.

How can I check my Chola Home Loan status?

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.

What is the maximum loan repayment period for Chola Home Loans?

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.

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