Cholamandalam Finance Home Loan

4.5

Cholamandalam Finance home loan product range offers various home loan alternatives to satisfy its clients' diverse needs, all with flexible repayment options and low-interest rates. The bank also provides personalised service to guarantee customers the greatest experience possible. Cholamandalam Finance offers home loans for Self Construction, purchase of plots, purchase of ready-to-occupy homes, and refinancing existing home loans.

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Cholamandalam Finance Home Loan

  • Interest Rate

    9% - 20%

  • Loan Amount

    ₹5L - ₹50L

  • EMI Per Lakh

    ₹2,076 - ₹2,649

  • Processing Fees

    Rs 5,000 (including GST)
  • Pre-Payment Charges

    Nil

Benefits of Cholamandalam Finance Home Loan

When you secure a home loan from the Cholamandalam Investment and Finance Company, you get an array of amazing benefits. Here are the benefits you unlock with a Chola Home Loan:

Loans for All

Cholamandalam Investment and Finance Company offers home loans to all salaried individuals and self-employed persons. If you cope with the home loan eligibility criteria set by the bank, you can avail of the loan with utmost ease.

Minimum Documentation

Cholamandalam Investment and Finance Company demands minimal documents to provide quick and hassle-free home loan approval.

Hassle-free Procedures

Applying for a Cholamandalam Investment and Finance Company Home Loan comes in handy, especially through the official website. All you have to do is fill out the application form and submit the same along with the requisite documents. Once the lender receives your application, the evaluation process is completed at your convenience. The presence of the website and the option to apply online made the entire process hassle-free.

Home Loan Instalments that Fits Your Pocket

Cholamandalam Investment and Finance Company allows borrowers to choose a flexible repayment tenure per their current financial conditions. You don't have to burden yourself with huge home loan EMIs. Additionally, you get the floating interest rate option for your home loan repayment.

Repayment Flexibility Of the Home Loan

Cholamandalam Investment and Finance Company provides several options for creating a home loan repayment structure that matches your financial status. You get flexibility regarding loan repayment tenure, part-prepayments, foreclosure, and prepayment.

Tax Benefits

One of the foremost benefits you get with a home loan is tax benefits. Under Section 80C, Income Tax Act, 1961, a borrower can claim up to INR 1.5 lakhs on the principal loan amount.

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 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 On Bank’s Discretion 

Documents Required for Cholamandalam Finance Home Loan

Be prepared with the following documents ahead of time to get loan approval in no time. In general, Cholamandalam Investment and Finance Company Home Loan documents comprise common and income proof documents.

Common Documents

  • Filled out home loan application form
  • Two passport-size photos
  • Documents associated with ID proof
  • Date of Birth proof documents
  • Residence proof documents
  • Copy of Aadhaar Card and PAN Card
  • Property documents for which you are securing a home loan
  • DD or cheque for the payment of the Processing fee

Income Documents in Case of Salaried Applicants

  • Salary slips for last six months
  • Bank account statement (last six months)
  • Employment proof validating your employment in the current organisation

Income Documents in Case of Self-Employed Applicants

  • Profit and Loss business account statements (last three years)
  • Balance Sheet
  • Income Tax Returns (last three years)
  • A broad summary inclusive of the nature of business, year of establishment, annual income, net worth, etc.
  • Bank Statements of all business accounts
  • Business licence

How does the EMI Calculation Work for Cholamandalam Finance Home Loan?

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 bracket of 10 to 20 years.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does Cholamandalam Investment and Finance Company provide home loans at the best rate?

The Cholamandalam Investment and Finance Company provides home loans at the best rate ranging from 9% to 17%.

What is the interest rate of a Home Loan in Cholamandalam Investment and Finance Company?

Cholamandalam Investment and Finance Company's interest rate ranges from 9% to 17%. The home loan interest rate may vary as per your Credit score, financial history and annual income.

What benefits does Cholamandalam Investment and Finance Company provide on Home Loan?

Cholamandalam Investment and Finance Company provides numerous benefits on home loans, including attractive interest rates, flexible repayment tenure, quick and hassle-free process, minimal documents and much more.

What documents are required in Cholamandalam Investment and Finance Company for a home loan?

To get a home loan from Cholamandalam Investment and Finance Company seamlessly, you must provide the required documents. In general, these documents are identity proof documents, residence proof, income proof, business proof and property documents.

How to apply for a home loan in Cholamandalam Investment and Finance Company online?

To apply for a Cholamandalam Investment and Finance Company home loan online, visit the official website and click on the home loan section. Fill out the application form, upload the required documents and submit the same. After receiving the application for a home loan, the bank executive will get in touch with you through call in the minimal possible time.

Does Cholamandalam Investment and Finance Company Checks for CIBIL Score for Home Loan?

Yes, Cholamandalam Investment and Finance Company takes the CIBIL score into account to determine the credibility of the home loan applicant. Additionally, it helps to decide the interest rate at which the home loan can be approved.

What are the KYC documents I must submit to apply for a home loan from Cholamandalam Investment and Finance Company?

The KYC documents you must submit to apply for a home loan from Cholamandalam Investment and Finance Company include an aadhaar card and PAN Card.

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