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.

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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. 
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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:

Eligibility Parameters For Salaried Individuals For Self-Employed Individuals
Age Range (in years) 25 - 65 years 25 - 65 years
Nationality Indian Residents Indian Residents
Minimum Income Earned Rs. 25,000 per month Rs. 25,000 per month
Credit Score 750 or above (preferred) 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.

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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:

Bank/ NBFC Name Rate of Interest Processing Fee
Cholamandalam Housing Finance 10.00% - 24.00% p.a.  1% of the loan amount + GST 
Bajaj Housing Finance 9.75% - 18.00% p.a.  Up to 4% of the loan amount + GST 
Indian Bank 10.00% - 12.75% p.a.  1% of the loan amount or Rs. 10,000 (whichever is higher) 
Axis Bank 10.40% - 12.75% p.a.  1% of the loan amount or Rs. 10,000 (whichever is higher) 
ICICI Bank 10.85% - 12.50% p.a.  1.50% of the loan amount or Rs. 11,000 (whichever is higher) 
Piramal Housing Finance 11.50% p.a. onwards  Up to 3% of the loan amount + applicable taxes  
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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:

1. 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

2. 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:

  1. Visit the BASIC Home Loan official website and click on the Apply Now section
  2. Opt for the ‘Loan Against Property’ option under ‘Tell us about your requirements’ on the next displayed page 
  3. Fill in the required details such as your name, contact number, email ID, loan amount, and pincode and click ‘Next’
  4. The BASIC Home Loan team will then contact you for further process in applying for a Cholamandalam Loan Against Property 

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Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.


The minimum credit score for a Cholamandalam loan against property is 750.

You can conveniently reach out to the BASICHomeloan team to help you apply for a Cholamandalam home loan. Alternatively, you may visit the nearest branch, fill out the application form, and submit the documents along with a processing fee cheque. 

The maximum tenure for Chola LAP is up to 15 years. 

The minimum salary for a Chola loan against property is Rs. 25,000 per month. 

Cholamandalam charges up to 2% plus GST as pre-closure charges for a loan against property.