| Cholamandalam Loan Against Property Highlights 2024 | |
| Interest rates | 10% to 24% p.a. |
| Loan amount | Rs 10 lakh to Rs 5 crore |
| Processing Fees | Rs 10,000 plus GST (per property) |
Note: Interest rates as of 11th June 2024
Table of Contents
Cholamandalam Loan Against Property Interest Rates
Cholamandalam Loan Against Property interest rates (floating) range between 10% to 24% p.a. The interest rates offered by the lender for its Loan against property schemes are as follows:
| Product | Floating Interest rates (p.a.) | Fixed Interest Rates (p.a.) |
| LAP | 10% – 15% | 14% – 19% |
| Micro LAP | 16% – 20% | 20% – 24% |
| Affordable LAP | 12% – 21% | 17% – 21% |
Although Cholamandalam has not disclosed offering different loan against property interest rates for its loan applicants based on their credit scores, monthly income, occupation profile, employer’s profile, etc., most lenders consider these factors while setting the loan against property interest rates of their loan applicants.
Check Lenders Offering Loan Against Property at Low Interest Rates Click Here
Fees and Charges for Availing Cholamandalam Loan Against Property
The processing fees and other charges for availing Cholamandalam Loan Against Property are as follows:
| Loan Product | Rates |
| Processing Fees | Up to Rs 10,000 plus GST |
| Pre-closure (Own funds) | Up to 2% plus GST |
| Pre-closure (BT) | Up to 4% plus GST |
| Part Payment | Up to 2% plus GST |
| Additional Interest for late payment | Up to 36% p.a. (of the EMI OD) |
Eligibility Criteria for Availing Cholamandalam Loan Against Property
Cholamandalam has not disclosed the eligibility criteria for its loan against property scheme. Most lenders offer Loan Against Property to both salaried and self-employed loan applicants. Some of the other factors considered by lenders while determining the loan against property eligibility criteria of their loan applicants are their monthly income, credit scores, age, occupation, occupation profile, work experience or business continuity of their LAP applicants.
Also Check: Loan Against Property Eligibility Calculator
Check your Eligibility for Availing Loan Against Property Click Here
Cholamandalam Loan Against Property Documentation Required
The Loan Against Property documents required for loan applicants availing Cholamandalam loan against property are mentioned below:
Identity Proof
- Passport
- PAN card
- Voter ID card
- Driving Licence
- Bank pass book (with attested photo) and latest bank statement
- Ration card with photo
- Aadhaar Card
- Employee photo ID card issued by the govt.
- Pensioner ID Copy
- Registered property documents with photo
- ESIC medical card(s) with photo
- Any other govt. issued ID proofs like the post office ID card
- Certification of Incorporation or other incorporation documents
- Shops and Establishment Act Certificate
- Board Resolution
- Certificate for Sales tax registration
- Memorandum of Association/Articles of Association with registration certificate
- Registered Partnership Deed
Address Proof
- Passport
- Voter ID card
- Driving Licence
- Property Tax receipt not older than 6 months
- Ration card
- Telephone Bill – mobile/landline postpaid bills not older than 6 months
- Utility bills, not older than 6 months, like electricity/gas bill or new gas card
- Bank statement not older than 6 months
- Registered property documents
- Any other govt. issued address proofs like post office address/ID card issued by govt. companies and PSUs>
- Registered Lease Deed and utility bill in the landlord’s name
- Aadhaar Card
- Registered lease deed
- Shops and Establishment Act certificate
- Certificate for Sales tax registration
Note: Cholamandalam may ask its loan applicants to provide additional loan against property documents, if necessary, based on the loan applicant’s profile.