Yes, Cholamandalam Finance customers can pre-close their home loans on payment of the foreclosure charges, if applicable as shown below.
- Up to 4% of the principal amount outstanding for any pre-closure of the loan after 12 months from the date of agreement + Service tax.
- Up to 5% of the principal amount outstanding for pre-closure from 7 - 12 months from date of agreement + Service tax.
- No pre-closure charges or time restrictions for the pre-closure of all floating rate term loans sanctioned to individual borrowers.
- Pre -Closure Charges, time limits and other conditions differ for different types of loans.
Important Points to Consider:
- Chola Finance Home loan is available at NIL pre-closure charges on floating rate term loans for individual borrowers.
About Chola Finance
Cholamandalam Investment and Finance Company (Chola Finance) has been in existence since 1978. Operating 167 branches all over India, the company offers various home loan products with attractive features.