Cholamandalam Finance Home Construction Loan

Established in 1978, Cholamandalam Finance initially focused on equipment finance and has now evolved into a comprehensive financial solutions provider. Offering a range of loan products and services, the NBFC (Non-Banking Financial Company) provides attractive financial solutions to its customers, including those seeking loans for home construction. With affordability and convenience, the Cholamandalam Finance construction loan is a prospective offer for customers looking to build their dream homes.

Cholamandalam Finance Construction Loan Interest Rates 

Cholamandalam Finance offers competitive interest rates for its construction loan products, ensuring affordability for its customers.

Cholamandalam Finance Construction Loan Fees and Charges

The fees and charges associated with Cholamandalam Finance construction loans are detailed below:

Cholamandalam Finance Construction Loan Eligibility Criteria for Salaried

Salaried individuals must meet specific eligibility criteria to qualify for a construction loan from Cholamandalam Finance.

• Age Range: 21 – 65 Years
• Nationality: Indian Resident

Cholamandalam Finance Construction Loan Eligibility Criteria for Self-Employed

Self-employed individuals must also satisfy certain criteria to be eligible for a construction loan from Cholamandalam Finance.

• Age Range: 21 – 65 Years
• Nationality: Indian Resident

Cholamandalam Finance Construction Loan Documents Required for Salaried Persons

Salaried individuals must submit specific documents when applying for a Cholamandalam Finance construction loan. These documents are essential for verifying the applicant’s identity, income, and financial stability.

• Identity Proof (Aadhaar, PAN Card, Passport)
• Address Proof (Utility Bills, Rent Agreement)
• Income Proof (Salary Slips, Bank Statements for the last 6 months)
• Employment Proof (Employment Certificate or ID Card)

Cholamandalam Finance Construction Loan Documents Required for Self-Employed

Self-employed individuals need to provide a set of documents to apply for a Cholamandalam Finance construction loan. These documents help verify the applicant’s business operations and financial health.

• Identity Proof (Aadhaar, PAN Card, Passport)
• Address Proof (Utility Bills, Rent Agreement)
• Income Proof (ITR for the last 2 years, Bank Statements for the last 6 months)
• Business Proof (Business Registration Certificate, GST Registration)

Features of Cholamandalam Finance Construction Loans

Cholamandalam Finance offers a range of features for its construction loans, making them an attractive option for borrowers.

Doorstep Services

Cholamandalam Finance provides convenient doorstep services for easy and fast loan approval and disbursal. This feature is intended to improve customer convenience and expedite the loan process.

Extensive Branch Network

The NBFC has an extensive branch network, including a significant presence in Tier II and III cities. This widespread reach ensures accessibility for a broader range of customers.

Loans for New to Credit Customers

Cholamandalam Finance offers loans to customers who are new to credit or do not have proof of income. This feature allows a larger population to avail of financial assistance for construction purposes.

Tax Benefits

Borrowers can avail of tax benefits under Section 80C of the Income Tax Act of India, 1971. These benefits can provide significant savings for borrowers during the loan tenure.

PMAY Subsidy

With the Pradhan Mantri Awas Yojana (PMAY) subsidy, eligible borrowers can save up to Rs. 2.67 lakhs, making home construction more affordable.

Transparent Digital Onboarding

Cholamandalam Finance offers a transparent end-to-end digital onboarding process with in-principle sanction at the customer’s place. This digital initiative ensures a smooth and hassle-free loan application experience.