Cholamandalam Home Loan
Cholamandalam Home Loan
Headquartered in Chennai, Cholamandalam Investment and Finance Company Ltd. is the financial arm of the Murugappa Group. With over 1,200 branches across India, Cholamandalam Housing Finance offers home loans starting at a rate of interest of 9.00% per annum, with a processing fee of Rs. 5,000 including GST. Applicants choose Chola home loans for easy approvals, minimum paperwork, no mandatory CIBIL score, low interest rates and customised eligibility for salaried and self-employed borrowers. Informal income groups can also avail of subsidies through Chola PMAY home loan schemes.
Cholamandalam Home Loan
No Mandatory CIBIL Score
Chola assesses applicants who have little or no credit history, and we help you present your file well.
Built for Informal and Cash-Salaried Income
Chola prices for income types other lenders turn away, and we help you document yours properly.
Nil Preclosure Charges
Pay off early without a penalty, and we factor that into the plan we recommend.
One Relationship Manager, Start to Finish
A dedicated BASIC expert handles your file end to end, not a rotating call centre.
Cholamandalam Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
Cholamandalam Home Loan Key Highlights
Get the lowest interest rates with Cholamandalam
Loan Amount: Starting at Rs. 10 lakh
Rate of Interest: 9.00% per annum onwards
Processing Fee: Rs. 5,000 including GST
Maximum Tenure for Repayment: 30 years
Rate Packages: Fixed / Floating
Charges for Prepayment/Foreclosure: Nil
Cholamandalam Home Loan Interest Rates in 2026
The Cholamandalam home loan interest rate varies across income groups and home loan schemes. The table below sets out the current Cholamandalam home loan interest rates:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Salaried and Self-Employed | 9% - 15% per annum |
| Salaried, Low-Income | 10% - 18% per annum |
| Affordable Housing (Purchase / Construction / Existing) | 10% - 20% per annum |
| Cash-Salaried | 12% - 20% per annum |
Cholamandalam Home Loan Eligibility Criteria
Cholamandalam Investment HFL offers hassle-free home loans on a customised basis to salaried and self-employed borrowers. Check the eligibility criteria before applying. The table below sets them out:
For Salaried Individuals
Age Range (in years)
21-65 years
Nationality
Indian residents
For Self-Employed Individuals
Age Range (in years)
21-65 years
Nationality
Indian residents
Cholamandalam Home Loan Processing Fee and Charges
Cholamandalam Investment and Finance Company Limited charges a processing fee of Rs. 5,000 including GST on each home loan application, along with some other charges. The table below sets them out:
| Processing Fee | Rs. 5,000, including GST |
| Admin Fee | 2% of the loan amount |
| Duplicate NOC | Rs. 500 + GST |
| Cheque / ECS Bounce Charges | Rs. 500 + GST |
| Rate Package Swapping (Floating to Fixed and Vice Versa) | Rs. 500 + GST |
| Interest Rate Switch | 1% of the outstanding principal |
| Copy of Documents | Rs. 750 + GST |
| Field Visit | Rs. 250 + GST per visit |
| CERSAI Charges | Rs. 118, including GST |
| Additional Interest for Late Payment | 1.50% additional interest on the applicable rate for delayed EMI or PEMI payments, for the total delayed period |
Cholamandalam Home Loan Schemes and Top Plans
Chola understands the financial needs of middle-income and weaker sections of society, and offers a variety of home loan schemes:
- Ideal for purchasing a new flat from a builder, development authority or state housing board
- Flexible repayment options
- Quick approvals and disbursals
- For purchasing a resale flat or independent house from the previous owner
- Customised eligibility for salaried and self-employed applicants
- Capital appreciation benefits from future increases in property price
- For constructing a home on land you already own
- Tax benefits under Section 80C of the Income Tax Act, 1961
- Easy approvals and a flexible repayment facility
- For extending, renovating or repairing an existing home
- Minimum documentation, even for first-time borrowers
- Flexible repayment options
- For funds to buy a residential or commercial property
- Tax benefits under Section 80C of the Income Tax Act, 1961
- Timely disbursals for properties under construction
- Flexible balance transfer from an existing home loan to a Chola home loan
- Easy EMI options for repayment
- Flexible repayment tenure of up to 30 years and a quick top-up facility
- For informal income sectors (EWS, LIG, MIG-1, MIG-2) wishing to purchase, construct or extend a house
- Credit Linked Subsidy Scheme benefits for weaker sections of society
- Saves up to Rs. 2.67 lakh with the subsidy
* Note: All of the above home loan plans are made available to applicants solely at the discretion of Cholamandalam, taking into consideration the earning and repayment capacity of the applicant.
Documents Required for Cholamandalam Home Loan
You will need a set of KYC documents to get a Chola home loan. Arrange these before applying:
| Proof of Income |
|
| Other Required Documents |
|
| Proof of Income |
|
| Other Required Documents |
|
| Identity & Address Proof |
|
| Documents Related to Property |
|
Apply for a Cholamandalam Home Loan Through BASIC Home Loan
You can complete a Chola home loan application online by following the steps below:
Apply Now on the BASIC Website
Head to the APPLY NOW section on the BASIC Home Loan website.
Share Your Requirement
Enter your name, contact number, loan amount and pincode, then submit the form.
We Take It Forward With Chola
The BASIC Home Loan team reaches out and initiates a hassle-free home loan application process.
Talk to our Expert
- Neutral, AI-backed advice
- Compare 50+ lenders instantly
- Transparent process, Zero bias
By continuing, I agree with Basic Terms and Conditions and Privacy Policy
FAQ's
Ready to Find the Best-Fit Home Loan?
- Talk to Your Dedicated Loan Expert Today!
