Cholamandalam Finance Home Loan Interest Rates

Cholamandalam Finance
4.5

Cholamandalam provides various types of home loan offers for self-employed and salaried employees. One can obtain this loan with interest rates starting at 12.6% per annum. The maximum loan you can obtain depends on the property's market value. The flexible repayment options mean you can repay the loan with a maximum tenure of 15 years. The low processing fees, zero hidden costs, and minimal documentation requirements make this the ideal tool to fulfil your home financing needs.

  • Cholamandalam Finance Home loan Interest Rate

    Home Loan offer for You

  • 9% - 20%

    Interest Rate (p.a.)
  • ₹5L - ₹50L

    Tenure(15 - 30 Years)
  • ₹2,076 - ₹2,649

    EMI Per Lakh

Check Latest Home Loan Offer From Cholamandalam Finance

  • Cholamandalam Finance Home loan Interest RateHome Loan offer for You
  • 9% - 20%

    Interest Rate (p.a.)
  • ₹5L - ₹50L

    Tenure(15 - 30 Years)
  • Rs 5,000 (including GST)

    Processing Fee

Compare Cholamandalam Finance Home Loan Interest Rates with Other Lenders

The affordable interest rate is one of the key reasons for counting on Cholamandalam home loans. Here's how the Cholamandalam Finance home loan interest rates compare to other lenders. This comparison will help you to understand the benefits of relying on Cholamandalam Finance over other lenders.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Cholamandalam Investment and Finance Company Limited (CIFCL) is India's leading non-banking finance company. It provides a wide range of financial services, including home loans, loans against property, business loans, gold loans, construction finance, etc. It also offers various kinds of schemes and discounts on home loan products. CIFCL offers attractive interest rates and flexible repayment options to its customers. Cholamandalam Finance home loan interest rates start at 9% per annum. The interest rate depends on the loan amount, loan tenure, repayment track record and credit score. The maximum loan amount can be up to 50 lakhs. The processing fee for this loan is 2% of the loan amount with flexible repayment tenure of up to 30 years.

Cholamandalam Finance Home Loan Highlights

Here are the key highlights of Cholamandalam Finance Home Loan:

  • Maximum Loan Amount: Up to Rs. 50 lakh
  • Loan Tenure: Up to 30 years 
  • Processing Fees: Up to 2% of the loan amount 
  • Prepayment Charges: Nil 
  • Home Loan Interest Rate Cholamandalam Finance: Ranging from 9% to 17%.
  • Flexible repayment options: Equated Monthly Instalment (EMI) and Non-EMI options 
  • Quick and hassle-free loan processing and disbursal 
  • Minimal documentation

Cholamandalam Home Loan Interest Rates on Loan schemes

Cholamandalam Finance offers several housing finance schemes catering to versatile client needs.

Home Loans for Self-construction

Cholamandalam Finance offers home loans to borrowers who need funds for constructing homes on their land. The interest rates for self-construction home loans start from 9% per annum onwards.

Loans for Purchase of Ready-to-Occupy Homes

With Cholamandalam Finance, you can purchase ready-to-occupied homes, including flats, individual houses, and villas. The Cholamandalam Finance home loan interest rates for ready-to-occupy homes range between 9% to 17% per annum.

Balance Transfer of Existing Home Loan

Borrowers having an existing home loan at higher interest rates with other banks and financial institutions can opt for Cholamandalam Finance balance transfer loans. Transfer your loans at lower interest rates starting from 9% onwards.

Loans for the Purchase of Plots

Purchase a plot of your choice and build residential or commercial buildings without any hurdle with Cholamandalam Finance home loans. Get funds and turn your dreams into reality. Cholamandalam Finance plot loan interest rates range between 9% and 17% per annum with a repayment tenure of up to 30 years.

Cholamandalam Finance Home Interest for Salaried and Self-Employed

Cholamandalam Finance offers home loans to salaried individuals and self-employed persons at affordable interest rates. Additionally, the home loan schemes have flexible repayment tenures of up to 30 years.

Products Home Loan Interest Rate (per annum) 
Cholamandalam Finance Home Loan Interest Rate for Salaried Employees and Self-Employed Individuals 9% to 15% per annum
Cholamandalam Finance Home Loan Interest Rate for Low-Income Salaried Employees  10% to 15% per annum

Cholamandalam Home Loan Interest for Govt Employee

Cholamandalam Finance offers home loans to government employees too. The borrower needs to submit authentic proof, such as ID proof. The Cholamandalam Finance home loan interest rate for government employees ranges between 9% to 17%. However, the offered interest rate is based on the applicant's credibility, financial history, existing debt, income, etc.

Products Home Loan Interest Rate (per annum) 
Cholamandalam Finance Home Loan Interest Rate for Govt Employees 9% to 17% per annum

Cholamandalam Finance Home Loan Interest Rate For Women

Cholamandalam Finance offers housing loans to working women professionals at a competitive interest rate from 9% onwards. However, the applicant must adhere to the Cholamandalam Finance eligibility criteria to obtain a home loan easily.

Products Home Loan Interest Rate (per annum) 
Cholamandalam Finance Home Loan Interest Rate for Women Applicants 9% to 17% per annum

Cholamandalam Finance Home Loan Fees and Charges

Before applying for a home loan from Cholamandalam Investment and Finance Company, you must know the charges you might have to pay before and post your loan disbursal. You must be ready to pay these charges and understand whether you can bear the same or not.

Specifics Rates
At the time of the home loan application
Loan Processing Charges INR 5,000 (inclusive of GST)
Admin Fees 2% of the Approved Loan Amount
Post disbursement of loan/Customer service charges
To get an Account Statement  INR 500 + GST
Swapping Charges INR 500 + GST
Pre-closure charges Not Applicable 
Duplicate NOC INR 500 + GST
Switch Interest Rate Charges 1% of the Outstanding Loan Amount
Collection Charges
Additional Interest towards Late Payments The borrower is bound to pay 1.50% of the additional rate of interest on the applicable rate towards the delayed EMIs
Cheque Bounce INR 500 + GST
Field Visit INR 250 + GST (Applicable for every visit)
Legal Charges Associated with Repossession and Recovery, along with Incidental charges At Bank’s Discretion 

How to Calculate Cholamandalam Finance Home Loan Interest?

You can calculate your EMIs by being acquainted with the principal loan amount, repayment tenure and Cholamandalam Investment and Finance Company home loan interest rate. The EMI calculator works on the following formula. However, the home loan EMI calculator also computes values based on this formula.

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

Where,

  • The principal loan amount P  can be up to 80% of the property value.
  • The rate of interest ranges from 9% to 17%.
  • The loan tenure: n falls in the 10 to 20 years bracket.

Why are Cholamandalam Finance Home Loan Interest Rates the Best for Customers?

Cholamandalam Finance offers home loan interest rates that are among the best in the industry. They offer competitive rates, flexible repayment options, and attractive features such as a balance transfer and part prepayment facility. They also provide doorstep service, so customers can easily access their facilities without travelling long distances. Additionally, they have a strong network of over 1000+ branches across India and a wide range of loan products. Lastly, they have a dedicated customer care team available 24x7 to help customers with any queries they may have.

Cholamandalam Finance Home Loan Interest Rates for Existing Customers

Cholamandalam Finance home loan interest rates for existing customers depending on the type of loan and the customer's credit score. The interest rate range is between  9% to 17% per annum. Cholamandalam Finance offers home loan products with loan amounts up to Rs 50 lakhs with flexible repayment options. The loan repayment tenure can be up to 30 years.

Factors that affect Cholamandalam Finance Home Loan Interest Rate

You must consider certain factors to get the best possible interest rate on a Cholamandalam Finance home loan. These factors significantly impact the Cholamandalam Finance home loan interest rates. Keeping an eye on these will help you to enhance your credibility and loan approval chances.

  • Applicant's Credit Score: A good credit or CIBIL score is essential to avail of a Cholamandalam Finance home loan at a competitive interest rate. The higher the credit score, i.e. above 700, the lower the interest rate and EMI.
  • Loan Amount: Generally, the higher the loan amount, the higher the interest rate and monthly EMI. Thus, it is recommended to borrow the required amount.
  • Loan Tenure: A longer loan repayment tenure usually means a lower interest rate as you will pay the loan amount for decades. However, it would help if you opted for shorter periods, so you don't have to pay interest for a prolonged period.
  • Type of Interest Rate: The type of interest rate also affects the interest rate of a Cholamandalam Finance home loan. Generally, fixed interest rates are higher than floating interest rates. An applicant must conduct thorough research before choosing the type of interest rate.
  • Property Location: The location of the property for which you secure a home loan also affects the interest rate. Generally, properties in urban areas have a higher interest rate than those in rural areas.
  • Annual Income of the Applicant: The higher the borrower's income, the lower the interest rate.

Frequently Asked Questions (FAQs)

What is the EMI for a 30 lakhs home loan for 20 years?

If you secure a Cholamandalam Finance home loan of 30 lakhs at a 9.05% interest rate for 20 years, your monthly instalment will equate to Rs. 27,008.

How can I reduce my Cholamandalam Finance home loan interest rate?

You can count on a substantial down payment to minimise the Cholamandalam Finance home loan interest rate. It will decrease the overall principal amount resulting in a reduced interest component.

Does Cholamandalam Finance offer a balance transfer facility?

Yes, you can transfer your existing loan to Cholamandalam Finance to enjoy the benefits of lower interest rates ranging from 9% to 17%.

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