Apply for Cholamandalam Home Loan

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Why apply through CreditMantri

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.

max tenure

15 yrs

processing fee


best rate


  • Offers home loans to suit all budgets
  • Exclusive products for self-employed
  • Convenient repayment options
  • Fast track approval process
  • Over 577 branches across India
  • Interest rate - 15%
  • Processing Fees - 2% of loan amount
  • Application form with photograph
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport,Driver's License, Voter ID, Utility bill, Ration card, Bank statement
  • Last 2 years IT return attested by CA – Form 16, 12 months bank statement. Salaried - Salary slip for 3 months, Self employed - Office address proof.
  • Property related documents – original title deed, parent document and EC going back 30 years, EC, patta, approved plan, property tax receipts

About Cholamandalam Investment and Finance Company Limited (Chola)

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.

Cholamandalam Home Loan

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.

Cholamandalam Home Loan – Features

Chola offers the following types of home loans to suit your specific need:

  • Home Loans for self-construction
  • Loans for purchase of plots
  • Loans for purchase of ready-to-occupy homes
  • Balance transfer of existing home loan

Payment modes

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 home loan interest rate

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:

  • Charges for swapping PDCs - Rs. 1000
  • Pre-Closure charges - 4% of the principal outstanding for any pre-closure after 12 months from date of agreement+ Service tax. 5% of the principal outstanding for pre-closure from 7 to 12 months from date of agreement + Service tax
  • Cheque /ECS bounce charges - Rs.500 per returned ECS/Cheque
  • Payment collection charges - Rs.200 per transaction
  • Duplicate NOC charges - Rs. 500 per event

Cholamandalam Home Loan Eligibility

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.

Cholamandalam Home Loan – Documents Required

The documents required for a home loan from Chola include:

  • Completed application form with recent photograph
  • Proof of Identity - Passport Copy/ Voter ID card/ Driving License/ PAN Card (any one document to be submitted)
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License (any one to be submitted)
  • Proof of age - PAN Card, Passport, Birth Certificate
  • Bank statements for the last six months
  • Last three months’ salary slips/salary certificate
  • Form16 for two years issued by the Employer

Cholamandalam home Loan FAQs

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:

  • Gross loan amount
  • Flat rate of interest
  • Tenure (in months)

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.

Cholamandalam Home Loan Review

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.

How to Get Home Loan from Cholamandalam – Apply for Cholamandalam Home Loan

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.

Customer Reviews

Cholamandalam Home Loan
5.0 / 5 (1 Reviews)
  • 5/ 5

"Best site to compare loans you are eligible for I applied through CreditMantri for my housing loan. Got my eligibility for home loan quickly after creating my profile. They calculate your eligibility based on the information you give in your profile and provide a list of best and most suitable offers, which I find is really good. After applying for the loan, I got a call from the customer service who noted down my requirements, and they in turn fixed an appointment with Chola. What I like most about CreditMantri is their user-friendly website and I would gladly recommend their service to friends and family."