CreditMantri matches your credit and demographic profile to Cholamandalam Home Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.
In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Cholamandalam Home Loan. Hence the chances of your Cholamandalam Home Loan application getting approved is higher.
Cholamandalam Investment and Finance Company Limited was incorporated in 1978 and is the financial services arm of the Chennai-based Murugappa Group. It offers an array of financial products like home loans, home equity loans, SME loans, auto loans, stock broking among others. Today, Chola has over 500 branches across India.
Owning a home is the ultimate dream of almost every individual but not everyone has the financial wherewithal for it. A Cholamandalam Home Loan is designed for all kinds of budgets and home needs, has convenient repayment options and a speedy approval process.
Chola offers the following types of home loans to suit your specific need:
You can pay the EMI amount via the following payment modes: by cash/DD/cheque at the nearest branch referring your loan agreement number; by post-dated cheques; or ECS.
Swapping of Bank Accounts
In case you wish to change your Repayment Mode, it can be done so by submitting the requisite documents. The swap can take up to 30 working days, from the date of receipt of fresh instruments.
Top up loan facility
You can avail of an additional top up loan, subject to terms and conditions. You can call the toll-free customer care number or walk into your nearest branch for more details.
Cholamandalam Finance offers attractive interest rates on home loans. The interest rate is calculated based on a variety of factors and can vary with each customer. For the latest interest rates, you can contact your nearest branch.
Other charges on your home loan could include:
In order to check your eligibility for a home loan from Chola, you can use the online Eligibility Calculator. The loan amount you would be eligible for depends on a variety of criteria which could include your net monthly income, your age, your current employment status, any other loan commitments you might already have, or the cost of the property for which you require a loan.
The documents required for a home loan from Chola include:
Who is eligible for home loan from Cholamandalam?
Any salaried or self-employed Indian national or NRI can apply for a loan.
What is the Repayment mode after availing a home loan from Cholamandalam?
You can repay your loans in EMIs (Equated Monthly Instalments).
What is an EMI?
EMI is Equated Monthly Instalment. It is the amount which you will be paying on a monthly basis to repay your loan amount over the stipulated loan period.
How do I calculate EMI?
You can use any online Personal Loan EMI Calculator in order to calculate the EMI that you might be paying each month towards the loan. In order to use the calculator, you will have to input the following:
You will get the resulting (approximate) EMI amount which you will have to pay each month towards repaying the loan. You can use CreditMantri’s handy calculator in order to plan your finances and decide what kind of loan you can afford.
How can I update my latest contact details?
You can contact your nearest branch/Head Office in order to update your contact details. You need to fill a form and submit your address proof.
What is Swapping of Bank accounts/Repayment mode?
Swapping basically means exchanging the present repayment mode with another repayment mode like changing a bank account, etc. You can also replace the postdated cheques with new set of postdated cheques of another bank or account. A fee will be levied for this swap.
Can I pre-close my home loan?
Yes. You can pre-close your loan any time after payment of 6 EMIs. Pre-closure charges apply.
What are the pre-closure charges?
4% of the principal outstanding for any pre-closure after 12 months from date of agreement plus service tax. If you choose to pre-close the loan from 7 to 12 months from date of agreement, 5% of the principal outstanding will be charged plus Service taxes.
Chola offers home loans to suit all budgets, with attractive interest rates and convenient repayment options. You can pay your EMIs through PDCs or standing instruction to auto debit your bank account or simply pay by cash/cheque or DD at the nearest branch.
You can apply for a Cholamandalam Home Loan in any of the following ways:
You can visit any of the Cholamandalam Finance branches for details and submit a completed application form with your latest passport size photograph along with the required documents.
You can call the customer care at any of the branches who will assist you in the loan process.
You can also download the application form available on the Chola website and send the filled- in form to any of the branches nearest to you along with a copy of the requisite documents.
Alternatively, if you think you need help with your Home Loan application process and advice on loan eligibility, CreditMantri can guide you and match you with the loan offer that best suits your profile.