Cholamandalam Bank - 11.50% for Home Loan - New Purchase Home Loan

Cholamandalam Home Loan:

Cholamandalam Investment and Finance Company Limited provides home loans starting at 11.50% 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.

Interest Rate	11.50% – 20% p.a.*
Processing Fee	Up to 1.5% of the loan amount or up to Rs 15,000, whichever is higher + GST

 

Products	Interest Rate (p.a.)
Prime Salaried and Self-Employed Prime	11.50% – 15%
Low Income Salaried	10% – 15%
Affordable Housing (construction/new purchase or existing property)	12% – 17%
Cash Salaried	12.50% – 20%

 

Key Features of Cholamandalam Home Loan:

1. Attractive home loan options.

2. Balance transfer facility.

3. Simplified documentation.

4. Doorstep service with fastest process.

5. No hidden charges

 

Cholamandalam Home Loan Interest Depends Upon:

1. Your Salary:

Income helps you in identifying your rate of interest.

Bank's rate varies with your monthly income.

Higher the income, lesser will be the rate

 

2. Type of loan opted for:

Cholamandalam home loan also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

Cholamandalam home loan offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

 

Cholamandalam Home Loan Documents:

For Salaried employees:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Types of Cholamandalam Home Loans:

The types of home loans offered by Cholamandalam are as follows:

1. Home Loans for Self-construction

2. Loans for purchase of ready to occupy homes

3. Balance transfer of existing home loan

4. Loans for purchase of plots

 

Frequently Asked Questions:

Q. Can I transfer an existing home loan to Cholamandalam?

Ans. Yes. You can transfer your existing home loan to Cholamandalam.

 

Q. Who can be a co-applicant for my housing loan?

Ans. Any immediate family member – your parents, spouse, earning children, or siblings – is permitted to be a co-applicant for a loan.

Adding a co-applicant will increase your loan eligibility as the income of the co-applicants will also be considered while determining the eligible loan amount.

 

Q. What is the maximum loan amount offered by Cholamandalam?

Ans. Cholamandalam offers home loans depending on your repaying capacity and credit profile.

 

Q. Can I pre-close my Cholamandalam home loan?

Ans. Yes, you can pre-close your Cholamandalam home loan.

For any pre-closure beyond 12 months from the date of the agreement, you will have to pay up to 4% of the outstanding principal.

Similarly, for pre-closure from 7 to 12 months from the date of the agreement, up to 5% of the outstanding principal will be charged.