Cholamandalam Home Loan

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. 

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. 

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

1. Other Fees and Charges:

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

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.

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

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 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:

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

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. 

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

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

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 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