Cholamandalam Home Loan 2025
Cholamandalam offers home loans through 858 branches across India. The loans come with competitive interest rates that start at 9.00% yearly. You can choose to repay over up to 30 years. A processing fee of ₹5,000, including GST, makes these loans available to salaried and self-employed borrowers.
Cholamandalam Home Loan
Cholamandalam offers home loans through 858 branches across India. The company has helped more than 800,000 customers since 1978. You can get loans from ₹3 lakhs to ₹40 lakhs to buy a new flat or build your dream home.
The loans come with competitive interest rates that start at 9.00% yearly. You can choose to repay over up to 30 years. A processing fee of ₹5,000, including GST, makes these loans available to salaried and self-employed borrowers.
This piece covers all you need to know about Cholamandalam home loans. You’ll find details about interest rates, eligibility, required documents, and features that will help you decide better.
Key Features of Cholamandalam Home Loans
- Loan Amount: Chola provides home loans ranging from ₹3 lakh to ₹40 lakh, catering to both modest and substantial housing requirements.
- Interest Rates: The interest rates are competitive, with floating rates starting from 10.50% per annum and fixed rates from 13% per annum, depending on the loan scheme and applicant’s profile.
- Flexible Tenure: Borrowers can choose loan tenures up to 20 years, allowing for manageable repayment plans.
- Quick Disbursement: Chola emphasizes a fast-track approval process, ensuring the timely disbursal of loan amounts.
- Prepayment and Part-Payment Facilities: Customers have the flexibility to make part-payments or prepay the loan without incurring additional charges, facilitating faster loan closure.
Cholamandalam Home Loan Interest Rates
Cholamandalam home loan interest rates are crucial factors that shape your decision-making process. A clear grasp of the rate structure helps you evaluate your long-term financial obligations before finalizing the agreement.
The Cholamandalam home loan interest rate comes with both floating and fixed options to suit your needs. Floating rates link to internal measures that shift with market conditions. This flexibility could benefit you during periods of falling interest rates.
Cholamandalam housing finance currently provides floating interest rates that start at 10.50% p.a.. The rates vary substantially based on your employment status and chosen loan scheme:
| Loan Category | Floating Interest Rate | Fixed Interest Rate |
| Affordable Housing | 11% – 18% p.a. | 13.5% – 18% p.a. |
| Commercial Property | 12% – 19% p.a. | 14.5% – 19% p.a. |
| Low Income Salaried | 11% – 18% p.a. | 13.5% – 18% p.a. |
| Cash Salaried | 12% – 19% p.a. | 14.5% – 19% p.a. |
| Self-Employed Prime | 11% – 16% p.a. | 13.5% – 16% p.a. |
| Self-Employed Non-Professional | 10.50% – 17% p.a. | 13% – 17% p.a. |
These rate differences become significant if you plan to purchase a home in growing Indian cities like Pune or Chennai.
Note that the Cholamandalam home loan rate of interest may change at the lender’s discretion based on RBI policies and market conditions.
Cholamandalam Home Loan Fees and Charges
You need to know the complete fee structure before applying for a Cholamandalam home loan. Your total borrowing cost depends on various charges beyond the interest rate. The Cholamandalam home loan customer care number can help you understand any unclear fees.
| 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 Toward 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 |
Eligibility Criteria for Cholamandalam Home Loan
You need to meet certain eligibility criteria to get your Cholamandalam home loan. Let’s look at these requirements so you can check if you qualify and improve your approval chances.
| Eligibility Factor | Requirement |
| Age | 21-60 years |
| Profession | Salaried or Self-employed |
| Minimum Monthly Income (Primary Applicant) | ₹15,000 |
| Minimum Monthly Income (Co-applicant) | ₹10,000 |
| Credit Score | 750 or higher |
| Nationality | Indian citizen/resident |
Here’s how you can boost your eligibility:
- Add your spouse or family member as a co-applicant to show higher household income
- Show proof of extra income sources besides your main job
- Work on improving your CIBIL score before you apply
- Cut down your current EMIs and debts to show better repayment ability
Your credit profile and property value will decide your final loan amount and tenure. Call the Cholamandalam home loan customer care number or visit their nearest branch to get a clear picture of your eligibility.
Documentation for Cholamandalam Home Loan
The right Cholamandalam home loan documents will save you precious time during the application process. A complete set of documents makes your home loan trip smoother. You can call the Cholamandalam Home loan customer care number to get your documents picked up from your doorstep.
Your Cholamandalam home loan application needs these mandatory documents:
- Completed loan application form
- Three passport-sized photographs
- Identity proof (Driving License/Passport/Voter ID/Aadhar Card)
- PAN Card (for loans exceeding ₹10 Lakhs)
- Address proof (Driving License/Aadhar Card/Voter ID/Passport/Registered Rent Agreement)
Document requirements change based on how you earn:
| For Salaried Individuals | For Self-Employed Individuals |
| Appointment letter | Business proof (VAT/Service tax registration) |
| Last three months’ salary slips | Balance sheet and P&L statements certified by CA |
| Previous year’s credit statement | Partnership deed (if applicable) |
| Employee ID | Business existence proof and profile |
| Property documents | Property documents |
| Asset creation proof (last four years) | – |
You need to submit these property papers:
- Past title chain
- Conveyance deed
- Sales deed
- Allotment letter
- Possession letter
- Latest property tax receipt
- Copy of approved construction plan
Cholamandalam Housing Finance starts your application process once you fill out the form online or at their nearest branch. Their representatives pick up documents from your doorstep at your preferred time. The company then processes your application and scrutinizes your credit reports and employment status.
Cholamandalam Finance Home Loan conducts technical and legal assessments of the property after verifying your documents. They check title deeds, no-objection certificates, and other ownership papers. These checks ensure your property’s legal and physical status.
Bank passbooks, pensioner IDs, or ESIC medical cards with photos can work as additional identity proof. Remember to keep your utility bills less than six months old while submitting address proofs.
Conclusion
Cholamandalam home loans are a reliable choice for Indian homebuyers. Its extensive branch network and customer-friendly policies set it apart. They offer competitive interest rates that start at 9.00% p.a. Their flexible repayment terms extend up to 30 years, making homeownership more available to salaried and self-employed people.
Simple eligibility criteria and minimal documentation make the loan application experience easier. The doorstep service and zero prepayment charges on floating rate loans add the most important value to your borrowing experience.
You end up choosing a trusted financial partner when you go with Cholamandalam Home Loans. They have served over 800,000 customers since 1978. Take time to compare interest rates, fees, and features with other lenders to get the best deal for your dream home.
Your path to homeownership becomes smoother when you visit your nearest Cholamandalam branch or call their customer care. Their representatives help you with every part of the process- from collecting the documents to dispersal of the cash. It is always a very free-flowing process.
