✓ Home Loan from ₹2 Lakhs to ₹15 Crores ✓ Interest Rates Starting @ 8.50% Apply Now

Cholamandalam Investment and Finance Company Limited is a financial services provider company. Known for its presence in various sectors of financing, it offers the Cholamandalam Home Loan, a feature-laden offering. 

You can use this provision to construct a home, buy a ready-to-occupy home or opt for the balance transfer provision. To know more about the Chola Home Loan, read on. 

Cholamandalam Home Loan Interest Rate & Charges 2024

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 Housing Loan rates and charges. 


Annual Interest Rate

Salaried and self-employed


Salaried- Low Income


Affordable Housing


Salaried- Cash


Disclaimer: The interest rates mentioned are subject to change at the lender’s discretion. 

1. Other Fees and Charges:



Sourcing and processing charges

₹5,000 (including GST)

Administrative charges

2% of the loan amount

Statement of accounts

₹250 plus GST

Swapping charges

₹1,500 plus GST

Duplicate NOC charges

₹500 plus GST

Interest rate reset charges

1% of the principal outstanding

Additional interest for late payment

1.50% additional interest

Cheque bounce charges

₹500 plus GST

Copy of documents

₹750 plus GST

Disclaimer: Above-mentioned charges are subject to change at the lender’s discretion.  

Compare Cholamandalam Home Loan with Other Lenders

You can refer to the table below to compare Cholamandalam Housing Loan interest rates with other lenders. This helps make an informed financial decision and choose the best option for you.

Home Loan Providers

Interest Rates

Bajaj Housing Finance Limited

8.50% p.a. onwards

Home First Finance Company

9.50% p.a. onwards


9.00% p.a. onwards

India Shelter

10.50% 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

10.90% p.a. onwards

Union Bank of India

8.50% p.a. onwards

Disclaimer: Interest rates mentioned are subject to change at the lenders’ discretion. 

Cholamandalam Home Loan EMI Calculator

Loan Amount
Rate of Interest
Home Loan
Your Monthly Home Loan EMI
Principal Amount
Total Interest
Total Amount Payable
Amortization Schedule
Year EMI 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. 

home loan EMI calculator can assist you in calculating your EMI within minutes. An EMI calculator is a digital tool which 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:

Documents Required for Cholamandalam Home Loan

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

1. Mandatory Documents for All Applicants:

  • Filled loan application form

  • Identity Proof: Aadhaar card/Passport/Voter ID/PAN card/Ration card/Driving licence

  • Address Proof: Aadhaar card/Passport/Voter ID/PAN card/Ration card/Driving licence

  • Passport Size photographs

2. Salaried Applicants:

  • Appointment letter

  • Pay slips for the last 3 months

  • Credit statement for last 1 year

  • Employee ID

  • Property documents

3. 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

Cholamandalam Home Loan Eligibility

While the eligibility criteria for a Chola Housing Loan is fairly lenient, ensure to meet all the terms to have the best chance at approval. Here are requirements to know: 

  • Age of Applicant: You must be between 21 years and 60 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. 

Features and Benefits of Cholamandalam Home Loan

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

Types of Home Loan Schemes offered by Cholamandalam

As a borrower, there are several Chola Home Finance options, based on your needs. Some of the home loan schemes under the Chola Home Loan are:

  • Self-construction schemes

  • New Plot purchase schemes

  • Ready to occupy schemes

  • Renovation or Extension schemes

  • Transfer of existing home loan balance schemes

How to Apply for Cholamandalam Bank Home Loan Online

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

  • Visit the official Chola Home Loan webpage

  • Click on “APPLY HOME LOAN”

  • Fill the online application form and authorise a representative to reach out

  • Provide the required documents

  • Wait for loan processing 

  • Get approval and proceed Legal and other checks

  • Authorise disbursal

Cholamandalam Customer Care

Cholamandalam offers customer support over the telephone, SMS and email. You may refer to the table below for details:

  • Website: www.cholamandalam.com

  • Contact number (call): 1800-102-4565

  • Contact number (SMS): 9500000312


The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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FAQs About the Cholamandalam Home Loan

What is the maximum Cholamandalam home loan amount?

The home loans offered by Cholamandalam depend upon various factors such as your credit report, credit history, Income, employment and repayment capacity.


Can I enjoy tax benefits with a Cholamandalam Home Loan?

As per Section 80C of the Income Tax Act, you can avail 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 of the IT Act, you can also be eligible to claim deduction up to ₹2 Lakhs annually.

Can I pre-close my Cholamandalam home loan?

You are allowed to pre-close your Cholamandalam Home Loan. Remember, you will have to pay up to 4% of the balance principal of your total home loan if you decide to pre-close your Cholamandalam Home Loan beyond 12 months of your home loan agreement. 


Also, you will have to pay up to 5% of the balance principal if you decide to pre-close your home loan from 7 to 12 months from the date of the agreement. 

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

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


Does Cholamandalam Bank check CIBIL for a home loan?

Yes, while applying for a home loan at Cholamandalam, your credit report and CIBIL score will be assessed.


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