Cholamandalam Loan Against Property
Cholamandalam Loan Against Property
Cholamandalam Investment and Finance Company Limited (Chola) is an emerging non-banking financial company in India that offers a range of financial products. One of its flagship offerings is the Cholamandalam loan against property, which stands out for its customer-centric approach, providing flexible loan options with competitive interest rates, and high loan amounts based on the property’s market value. The rate of interest for Chola LAP starts from 10% per annum and the loan amount available ranges between Rs. 10 lakh to Rs. 5 crore for a tenure of up to 15 years.
Cholamandalam 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 Loan Against Property Interest Rate
Cholamandalam Loan Against Property is a flexible way of availing sufficient funds for multiple purposes including personal and professional emergencies. Chola LAP interest rate ranges between 10% - 24% p.a. for a floater and between 14% - 24% p.a. for a fixed-rate basis.
The Cholamandalam LAP Rate of Interest 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 10.00% - 21.00% p.a. |
| Fixed | 14.00% - 24.00% p.a. |
Cholamandalam Loan Against Property Eligibility Criteria
Some general factors considered as the eligibility criteria for a loan against property can be referred to while applying for a Chola LAP. These include the age of the applicant, his/ her income, nationality, and credit score.
Have a look at the table below to understand the Cholamandalam loan against property eligibility:
For Salaried Individuals
Age Range (in years)
25 - 65 years
Nationality
Indian Residents
Minimum Income Earned
Rs. 25,000 per month
Credit Score
750 or above (preferred)
For Self-Employed Individuals
Age Range (in years)
25 - 65 years
Nationality
Indian Residents
Minimum Income Earned
Rs. 25,000 per month
Credit Score
750 or above (preferred)
Cholamandalam Loan Against Property Fees and Charges
A critical aspect of availing of a LAP is the processing fee charged by banks and financial institutions. This is a small percentage of the loan amount covering the operational and administrative costs involved in evaluating and approving the loan. The Cholamandalam loan against property processing fee and other charges can be clearly understood through the table below:
| Processing Fee | 1% of the loan amount + GST |
| Part Payment | Up to 2% + GST |
| Pre-closure (Balance Transfer) | Up to 4% + GST |
| Pre-closure (Own Funds) | Up to 2% + GST |
| Additional Interest for Late Payment | Up to 36% p.a. |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
To help you make an informed decision about a loan against property, it is a wise idea to always compare different lenders in terms of rate of interest and processing fee. So, for this reason, we are now showing a table enlisting top banks and NBFCs along with Chola LAP rates and fees:
- Rate of Interest - 10.00% - 24.00% p.a.
- Processing Fee - 1% of the loan amount + GST
- Rate of Interest - 9.75% - 18.00% p.a.
- Processing Fee - Up to 4% of the loan amount + GST
- Rate of Interest - 10.00% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
- Rate of Interest - 10.40% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
- Rate of Interest - 10.85% - 12.50% p.a.
- Processing Fee - 1.50% of the loan amount or Rs. 11,000 (whichever is higher)
- Rate of Interest - 11.50% p.a. onwards
- Processing Fee - Up to 3% of the loan amount + applicable taxes
Documents Required For Cholamandalam Loan Against Property
To verify whether an applicant is worthy of availing of a LAP plan, banks and NBFCs ask for a certain set of KYC documents to check the age, income source, credit score, and other similar factors. The Cholamandalam loan against property documents required list is shared below for you to arrange before applying for the same:
| For Salaried Loan Applicants | Address Or Identity Proof: Aadhaar Card, Passport, Voter ID Card, PAN Card, Etc
Income Proof: Salary Slips For 3 Months, Bank Account Statements For 6 Months, Latest ITR/ Form 16
Documents Of Property: Approved Plan, Title Deeds, No Encumbrance Proof, And So On
Other Documents: Duly-Filled Application Form Affixed With Recent Passport-Size Photograph, Appointment Letter, Processing Fee Cheque |
| For Self-Employed Loan Applicants | Address Or Identity Proof: Aadhaar Card, PAN Card, Passport, And Voter ID Card
Income Proof: Profit And Loss Account Statements And Balance Sheets For 3 Years, ITR/ Form 16 For 3 Years, Savings Account Statement/ Current Statement Of The Business Entity For 6 Months, Business Profile, Form 26AS
Documents Of Property: Approved Plan, Title Deeds, No Encumbrance Proof, Etc
Other Documents: Processing Fee Cheque, Duly Filled Application Form Affixed With A Recent Passport-Size Photograph, Partnership Deed If The Business Entity Is In Partnership, And The List Of Stakeholders |
How to Apply for Cholamandalam Loan Against Property
If you have finally made up your mind to move ahead with the Cholamandalam loan against property apply online procedure, then simply follow these steps:
Apply Now on the BASIC Website
Visit the BASIC Home Loan official website and click on the Apply Now section
Choose ‘Loan Against Property’
Opt for the ‘Loan Against Property’ option under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Fill in the required details such as your name, contact number, email ID, loan amount, and pincode and click ‘Next’
Our Expert Will Reach Out to You
The BASIC Home Loan team will then contact you for further process in applying for a Cholamandalam Loan Against Property
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