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Cholamandalam Home Loan

Home Home Loan Cholamandalam Home Loan

Cholamandalam Investment and Finance Company Limited provides home loans at an interest rate of 10.50% p.a. onwards to prime customers as well as those belonging to low income categories. Their offerings include housing finance for self-construction, purchase of plots/ready to occupy homes and balance transfer of existing home loans.

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Updated: 18-03-2025 10:11:17 AM

Cholamandalam Home Loan Highlights

Particulars Details
Interest Rates Floating: 10.50%-19%

Fixed: 13%-19%
Loan Amount Rs 3 lakhs-Rs 40 lakhs
Tenure Up to 20 years
Admin and Processing Charges Up to 1.5% of the loan amount

Note: Interest rates as of 18th March 2025

Cholamandalam Home Loan Interest Rates

Cholamandalam offers home loans at an interest rate of 10.50% p.a. onwards. The home loan interest rates offered by the housing finance company are floating and in nature. Stated below are the differential interest rates based on home loan schemes and employment profiles:

Cholamandalam Home Loan Floating Interest Rates 

Particulars Interest Rates (p.a.)
Affordable housing – new purchase or existing or construction of property 11% – 18%
Loans for shop and commercial property 12% – 19%
Low Income Salaried 11% – 18%
Cash Salaried 12% – 19%
Self Employed Prime 11% – 16%
Home Loan for Self-Employed Non-Professionals 10.50% – 17%

Cholamandalam Home Loan Fixed Interest Rates 

Particulars Interest Rates (p.a.)
Affordable housing – new purchase or existing or construction of property 13.5% – 18%
Loans for shop and commercial property 14.5% – 19%
Low Income Salaried 13.5% – 18%
Cash Salaried 14.5% – 19%
Self Employed Prime 13.5% – 16%
Home Loan for Self-Employed Non-Professionals 13% – 17%

Compare Home Loan Interest Rates for Top Banks & HFCs

Name of LenderLoans Up to Rs. 30 LakhLoans Above Rs. 30 Lakh to Rs. 75 LakhLoans Above Rs. 75 Lakh
SBI8.25%-9.40% p.a. 8.25%-9.40% p.a. 8.25%-9.40% p.a. Check Eligibility
HDFC Bank Limited8.70% p.a. onwards8.70% p.a. onwards8.70% p.a. onwardsCheck Eligibility
Bajaj Housing Finance8.25%-17.00%8.25%-17.00%8.25%-17.00%Check Eligibility
ICICI Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Check Eligibility
Axis Bank8.75%-12.80% p.a.8.75%-12.80% p.a.8.75%-9.65% p.a.Check Eligibility
Federal Bank8.80% p.a. onwards8.80% p.a. onwards8.80% p.a. onwardsCheck Eligibility
Punjab National Bank8.20% - 10.00% p.a.8.15% - 9.90% p.a.8.15% - 9.90% p.a.Check Eligibility
Kotak Mahindra Bank8.65% p.a. onwards 8.65% p.a. onwards8.65% p.a. onwardsCheck Eligibility
Bank of Baroda8.15% - 10.40% p.a.8.15% - 10.40% p.a.8.15% - 10.65% p.a.
Check Eligibility
Canara Bank8.25% – 11.00% p.a.8.20% – 11.00% p.a.8.15% – 10.90% p.a.Check Eligibility
IDFC FIRST Bank8.85% p.a. onwards8.85% p.a. onwards8.85% p.a. onwardsCheck Eligibility
IDBI Bank8.40% p.a. onwards8.40% p.a. onwards8.40% p.a. onwardsCheck Eligibility
Punjab & Sind Bank8.35% – 9.85% p.a.8.35% – 9.85% p.a.8.35% – 9.85% p.a.Check Eligibility
RBL Bank9.00% p.a. onwards9.00% p.a. onwards9.00% p.a. onwardsCheck Eligibility
LIC Housing Finance8.25% p.a. onwards 8.25% p.a. onwards 8.25% p.a. onwards Check Eligibility
Tata Capital Housing Finance8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwardsCheck Eligibility
PNB Housing Finance8.50% - 14.50% p.a.8.50% - 14.50% p.a.8.50%-11.45% p.a.Check Eligibility
Sammaan Capital
(Formerly known as Indiabulls Housing Finance)		8.75% onwards8.75% onwards8.75% onwardsCheck Eligibility
Aditya Birla Capital8.60% onwards8.60% onwards8.60% onwardsCheck Eligibility
India Shelter Home Loan11.59% onwards11.59% onwards11.59% onwardsCheck Eligibility
L&T Finance Limited8.65% p.a. onwards8.65% p.a. onwards8.65% p.a. onwardsCheck Eligibility
Godrej Housing Finance8.55% onwards8.55% onwards8.55% onwardsCheck Eligibility
Home First Finance11.90% onwards11.90% onwards11.90% onwardsCheck Eligibility
Easy Home Finance8.95% onwards8.95% onwards8.95% onwardsCheck Eligibility
Piramal Capital Housing Finance9.50% onwards9.50% onwards9.50% onwardsCheck Eligibility
Cholamandalam Investment and Finance10.50% onwards10.50% onwards10.50% onwardsCheck Eligibility

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Apply for Home Loan at Attractive Interest Rates Click Here

Cholamandalam Home Loan Fees and Charges

Below-mentioned are processing fees and other charges related to the home loan:-

Chola Housing Loan Processing Fees

Particulars Charges
Sourcing Up to Rs 5,000 (including GST)
Admin Fees and Processing Charges Up to 1.5% of the loan amount
Admin & Processing Fee towards
commitment fee		 Up to 0.5% of the loan amount

Chola Home Loan Pre-closure Charges (Part Payment or Full Closure)

  • NIL prepayment charge is applicable for Individual Home Loans
  • The prepayment or foreclosure charges will be applicable for loans sanctioned for business purposes:
    • Up to 2% of the amount is prepaid if the borrower pays through their own funds.
    • Up to 4% of the amount is prepaid if the borrower pays via a balance transfer of the loan to any other financier.

Other Charges for Cholamandalam Home Loans

Particulars Rates
Property valuation charges for each
disbursement subsequent to the
first disbursement		 Up to Rs 1,000 plus GST
Cheque & Mandate Swap Charges Up to Rs 500 plus GST
Document/Duplicate Document
Charges		 Re-Issuance of pay order or disbursement cheque: Up to Rs 500 per instance plus GST
Statement of Accounts: Up to Rs 500 plus GST
Duplicate NOC: Up to Rs 500 plus GST
Duplicate List of Documents or Copy of Documents: Up to Rs 1,000 plus GST
Interest rate reset Up to 2% of the principal outstanding
Switch fees for interest rate type change 1% of principal outstanding
Penal Charges – In case of delay in the payment of installments: 36% p.a. on the unpaid amount

– For other event(s) of default: Rs 20 per day from the date of
occurrence of the event(s) of Default
Legal Charges Recovery Charges At actuals
Restructuring Charges 1% of loan amount capped till Rs 15,000
CERSAI Up to Rs 118 plus GST

Types of Cholamandalam Home Loan Schemes

Cholamandalam offers various home loan schemes to both salaried and self-employed applicants, with loan amounts ranging from Rs 3 lakh to Rs 40 lakhs and repayment tenures of up to 20 years.

  • Self-Construction Loans
  • Loans for Purchase of New Flat/Independent House
  • Balance Transfer of Existing Loans from other financiers with Top-up loans
  • Loans for Purchase of Resale Flat/Independent Houses
  • Loans for the purchase of ready-to-occupy homes
  • Loans for Mixed-Use (Residential with small commercial units)
  • Home-Extension Loans

Documents Required for Cholamandalam Home Loan

Below-mentioned are the lists of documents required for home loan for identity proof as well as address proof.

Identity Proof

  • Passport
  • Voter ID card
  • PAN card
  • Driving License
  • Ration card with photo
  • Bank pass book (with attested photo) and bank statement (past 6 months)
  • Pensioner ID Copy
  • Employee photo ID card (issued by the Govt.)
  • ESIC medical cards (with photo)
  • Registered property documents (with photograph)
  • Any other govt. issued ID proofs (like post office ID card)
  • Aadhaar Card
  • Pay slip of last 3 months – for salaried applicants
  • Form 16 (Last 2 years)
  • Certification of Incorporation or other incorporation documents – for business
  • Shops and Establishment Act certificate
  • Certificate for Sales tax registration
  • Memorandum of Association/Articles of Association with registration certificate
  • Registered Partnership Deed

Address Proof

  • Passport
  • Voter ID card
  • Driving License
  • Latest Property Tax receipt (not older than 6 months)
  • Ration card
  • Latest Telephone Bill – mobile or landline postpaid bills (not older than 6 months)
  • Latest Utility bills like Electricity bill, Gas bill or New Gas card (not older than 6 months)
  • Latest Bank statement (not older than 6 months)
  • Registered property documents
  • Any other govt. issued address proofs (like post office address/ID card issued by govt. companies and PSUs)
  • Registered Lease Deed (along with utility bill) in landlord’s name
  • Aadhaar Card
  • Certification of Incorporation or other incorporation documents – for business
  • Shops and Establishment Act certificate
  • Certificate for Sales tax registration

Eligibility for availing Cholamandalam Home Loan

Both salaried and self-employed professionals are eligible to apply for Cholamandalam Home Loan.

Click Here: To know more about Home Loan eligibility

Cholamandalam Home Loan EMI Calculator

Home Loan EMI Calculator
₹
%
Year(s)
Home Loan EMI Calculator

Monthly EMI ₹ 15,622

Total Amount Payble ₹ 5,62,395(Principal + interest)

Principal Amount ₹ 5,00,000

Total Interest Payble ₹ 62,395

 

 

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