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Cholamandalam offers a wide range of services in the home loan segments. No prepayment penalties and flexible repayment options. Loan amount provided depends on the value of the property. Tenure is decided based on credit profile. Apply now!
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Cholamandalam Investment and Finance Company was incorporated in 1978 as the financial services company of the Murugappa group. Today, Cholamandalam Finance operates from 858 branches, serving 8 Lakhs customers across India.
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.
Cholamandalam offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, Cholamandalam Home Loans are tailor made catering to the needs of various customers.
Objective: Cholamandalam home loan aims to help millions of people achieve their dream of owning a house.
Loan Amount: The loan amount is also determined by the repaying capacity and credit profile.
Rate of Interest: The interest rate of Cholamandalam home loans is linked to Internal Benchmark. The interest rate could range between 12.6% to 29%. The interest rate is subject to change at the discretion of the bank.
Processing fee: Up to 2% of the loan amount
Tenure: The repayment period is determined based on the loan amount, repaying ability and income.
Easy Balance Transfer: With this facility, you can transfer your existing home loan with other bank to Cholamandalam for a lower interest rate.
Prepayment: No charges are levied on partial prepayment or foreclosure of the home loan.
Insurance Policy: An insurance cover to protect your family against repayment of home loan in the event of unfortunate situations.
Important documents to be submitted while applying for home loans with Cholamandalam
For guarantor (wherever applicable):
Your Cholamandalam home loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Cholamandalam, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Cholamandalam account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Cholamandalam account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Cholamandalam account at your nearest Cholamandalam Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
You can either apply online or visit a nearby Cholamandalam branch for the application. You can also download the home loan application form from the Cholamandalam official website, complete the form and submit it the bank representative.
You can also check your eligibility for a home loan through CreditMantri and apply for it.
With attractive interest rates and low processing fees, Cholamandalam caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Cholamandalam home loan without any penalty. Cholamandalam home loan is the best option to buy or construct your dream house.
1. Is there penalty for prepaying the Cholamandalam Home Loan?
No penalty is levied for prepaying the Cholamandalam Home Loan.
2. Can I top up my existing Home Loan?
Yes, you can get additional funding on your existing home loan.
3. What is the maximum loan repayment period for Cholamandalam home loans?
The maximum repayment is determined based on your repaying ability, credit profile and loan amount.
4. How Can I apply for Cholamandalam home loan?
You can either apply online or visit a nearest Cholamandalam branch and take the help of the bank’s representative.
5. What is the maximum loan amount provided by Cholamandalam?
The maximum loan amount depends on the market value of the property.
6. Does Cholamandalam facilitate balance home loan transfer?
Yes, you can transfer your existing home loan to Cholamandalam.
7. Can I get tax benefits from Cholamandalam Home Loan?
As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.
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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."
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