Cholamandalam Home Loan Interest Rate
Whether it is your need to buy, extend, or construct a home, Cholamandalam Housing Finance Ltd. is there to assist you with easy and affordable home loans. The Cholamandalam home loan interest rate starts at 9.00% per annum. The NBFC allows a loan repayment tenure of up to 30 years and charges Rs. 5000, including GST, as the processing fee for a home loan application. Chola Finance home loan interest rate may vary for floater and fixed rate basis plans.
Cholamandalam Housing EMI Calculator
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Cholamandalam Home Loan Key Highlights
| Amount of Loan | Starting at Rs. 10 lakh |
|---|---|
| Rate of Interest | 9.00% p.a. onwards |
| Processing Fees |
Rs. 5000, including GST |
| Max Tenure for Loan Repayment | 30 years |
Cholamandalam Home Loan Interest Rates in 2024
Cholamandalam Housing Finance has offered help to thousands of people buy their dream homes with affordable housing loan schemes. The lowest Chola home loan interest rate starts at 9.00% per annum. The tables given below highlight the Cholamandalam home loan interest rate 2023 for different categories of loan applicants.
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried | 9.00% p.a. onwards |
| Self-Employed | 9.00% p.a. onwards |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Prime Lending Rate ranges between 9.00 - 15.00%
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | 9.00% - 20.00% p.a. |
Cholamandalam Resale Housing Loan Interest Rates
| Loan Slab | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | 10.00% - 20.00 % p.a. |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers | 9.00% - 20.00% p.a. |
Interest rates were last updated on 30th November 2023
Cholamandalam Home Loan Interest Rates for All Schemes in India
Cholamandalam knows different people have different financial needs when it comes to buying or constructing a new home. So, keeping this in mind, the NBFC offers a wide range of home loan schemes for their benefit. The table below will give you a clear idea of the home plan schemes offered by the NBFC and the standard rate of interest offered on each.
| Cholamandalam Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| Cholamandalam Home Extension Loan |
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| Cholamandalam Self-Construction Loan |
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| Cholamandalam New Home Purchase Loan |
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| Cholamandalam Resale Home Purchase Loan |
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| Cholamandalam Top-Up Home Loan |
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| Cholamandalam Balance Transfer Home Loan |
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Cholamandalam Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft
Cholamandalam offers three flexible options to home loan borrowers to reduce their financial burden in the form of an overdraft facility, a top-up loan, and a balance transfer home loan scheme. Continue reading to have an in-depth understanding of all these three facilities on Chola home loans:
Cholamandalam Home Loan Balance Transfer
Cholamandalam Housing Finance permits existing home loan borrowers to shift their outstanding home loan amount to Cholamandalam at a lower interest rate. For this, the NBFC offers a Cholamandalam home loan balance transfer scheme. The interest rate for Cholamandalam balance transfer starts at 9.00% per annum.
Cholamandalam Home Loan Top-Up
No need to worry about extra funds; simply opt for Cholamandalam home loan top-ups. Through these top-ups, the existing home loan borrowers can borrow additional funds on top of their original loan amount. Cholamandalam home loan top-up interest rate starts at 9.00% per annum.
Cholamandalam Home Loan Overdraft Option
The Cholamandalam home loan overdraft facility on home loans is another flexible medium through which home loan borrowers can deposit or withdraw extra funds whenever required to meet their financial needs. The main objective of opting for an OD facility is to save yourself from the hassles of reapplying for another loan from the bank.
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Compare Cholamandalam Home Loan Interest Rate with Top Banks
You are strongly advised to compare Cholamandalam home loan interest rates with other leading banks and NBFCs for an informed decision. For your reference, we are presenting the table below enlisting interest rates and processing fees of other prominent financial organizations in India providing home loans:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Bank of India Home Loan | 8.30% p.a. onwards | Nil (until 31 Dec 2023) |
| LIC HFC | 8.50% p.a. onwards | Up to 0.25% (Rs. 25,000 max) |
| Union Bank of India | 8.70% p.a. onwards | 0.50% of the loan amount (Rs. 15,000 max) |
| Tata Capital Ltd. | 8.95% - 12.00% p.a. | Up to 0.25% (Rs. 3,540 max) |
| State Bank of India | 9.15% - 12.95% p.a. | Up to 0.25% (Rs. 10,000 max) |
Cholamandalam Home Loan Balance Transfer Interest Rates
Cholamandalam Housing Finance allows existing home loan borrowers from other banks and NBFCs to transfer their outstanding loan amount to Cholamandalam at a lower interest rate. For this, the NBFC offers the Chola Balance Transfer Home Loan Scheme.
Cholamandalam home loan balance transfer interest rates start at 9.00% per annum. This home loan facility is open for both salaried and self-employed borrowers. Have a look at the easiest way to apply for a Cholamandalam balance transfer home loan:
- Go to the Repay Right section on the BASIC Home Loan website - Repay right
- Enter the required information in the provided form and fill in the key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount.
- Click on Next once you have entered the required details on the form.
- You can see your total savings with the Cholamandalam Home Loan Balance Transfer option on the next page.
- Alternatively, you can contact one of the BASIC Home Loan team representatives, who can help maximize your savings with Cholamandalam Balance Transfer on home loans.
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How to Calculate Cholamandalam Home Loan Interest Rates?
The simplest way of determining the interest rate payable on a Cholamandalam home loan plan is by using the online home loan interest rate calculator available at EMI. Use this easy-to-use online EMI calculator to plan your monthly finances better without any confusion. The table below provides a detailed estimate of the EMI payable and the interest rate on Cholamandalam home loans:
Cholamandalam Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 9.00% p.a. | Rs. 12,668 | Rs. 8,997 | Rs. 8,046 |
| Rs. 20 lakh | 9.00% p.a. | Rs. 25,335 | Rs. 17,995 | Rs. 16,092 |
| Rs. 30 lakh | 9.00% p.a. | Rs. 38,003 | Rs. 26,992 | Rs. 24,139 |
| Rs. 40 lakh | 9.00% p.a. | Rs. 50,670 | Rs. 35,989 | Rs. 32,185 |
| Rs. 50 lakh | 9.00% p.a. | Rs. 63,338 | Rs. 44,986 | Rs. 40,231 |
| Rs. 60 lakh | 9.00% p.a. | Rs. 76,005 | Rs. 53,984 | Rs. 48,277 |
| Rs. 70 lakh | 9.00% p.a. | 9.00% p.a. | Rs. 88,673 | Rs. 56,324 |
| Rs. 80 lakh | 9.00% p.a. | Rs. 1,01,341 | Rs. 71,978 | Rs. 64,370 |
| Rs. 90 lakh | 9.00% p.a. | Rs. 1,14,008 | Rs. 80,975 | Rs. 72,416 |
| Rs. 1 crore | 9.00% p.a. | Rs. 1,26,676 | Rs. 89,973 | Rs. 80,462 |
The figures in the table above are based on a 9.00% p.a. interest rate offered by the Cholamandalam. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.
FAQ's
Cholamandalam Housing Finance might offer special interest rates for specific categories of borrowers. So, you are advised to check for the same from the official website or by visiting the nearest branch of the NBFC.
The maximum home loan amount offered by Cholamandalam Housing Finance depends on the applicant’s repayment history and capacity.
Yes, a Cholamandalam home loan borrower can enjoy tax benefits under Section 80C of the Income Tax Act. According to this Section, the borrower can claim a deduction of up to Rs. 1.5 lakh for the principal repayment in a financial year.
Yes, a home loan borrower can easily pre-close a Chola home loan. However, the NBFC might charge a foreclosure fee for doing so.
Yes, like any other bank or NBFC, Cholamandalam Housing Finance also considers an applicant's CIBIL score before sanctioning a home loan.
The maximum loan repayment tenure on the Cholamandalam Finance EMI calculator is 30 years.
Yes, you can easily apply for a Cholamandalam Finance home loan online after using the EMI calculator from the NBFC’s official website or the BASIChomeloan team.
Cholamandalam Housing Finance offers home loans on a fixed and floating interest rate basis. However, opting for a floater rate basis is always better to enjoy a lower interest rate.