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Cholamandalam Loan Against Property

Cholamandalam Mortgage Loan Interest Rates 2022

Last Updated 24th Aug 2021

Cholamandalam is one of the largest NBFCs in the country that offers the lowest rates on loan against property. Currently, the bank offers loans starting from 11.00% with quick approval and online process. The bank offers special features and attractive rates for different income and occupation groups. Some of the key features of Cholamandalam Loan against property are mentioned below: Check Best Offers

Processing Fee Upto 2.00%
Max Tenure 15 years
Lowest EMI ₹ 1,137 per lakh
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 65 years for Salaried
Min 21 and Max 65 years for Self Employed

    Fast track approval process

    Apply for Loan Against Property @ 6.90%* Get upto ₹ 1,000* Cashback

    Cholamandalam Loan Against Property

    Cholamandalam offers loan against property to meet your business as well as personal needs against the mortgage of your existing residential or commercial property. Taking a loan from Cholamandalam has the following benefits:

    • Fast track approval process
    • Get loan of upto Rs. 5 crores
    • Part pre-payment of loan available
    • Exclusive products for the self-employed

    Cholamandalam Loan Against Property Fees and Other Charges

    Along with Cholamandalam Loan against Property Rates, Cholamandalam also charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on Cholamandalam LAP Loan is 0.75%. This fee is charged by Cholamandalam to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Cholamandalam Property Loan Interest Rate for Business Man or Self Employed Person

    The interest rate for mortgage loans for Self-employed people are listed in the table:

    Interest Rate for Self-Employed for Residential Property

    Loan Amount Rate
    Upto ₹ 50 Lakh 11.00%
    ₹ 50 Lakh - ₹ 1 Cr 11.00%
    ₹ 1 Cr - ₹ 3 Cr 11.00%
    Above ₹ 3 Cr 11.00%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 50 Lakh 11.00%
    ₹ 50 Lakh - ₹ 1 Cr 11.00%
    ₹ 1 Cr - ₹ 3 Cr 11.00%
    Above ₹ 3 Cr 11.00%

    Steps to Apply for Cholamandalam Loan Against Property

    You can apply for Cholamandalam Loan against property through online as well as offline modes. To apply for a loan through offline mode, you need to visit the official Cholamandalam bank branch and fill the application form along with the required documents for loan against property. The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.

    To apply online for Cholamandalam Loan against Property online, you need to follow these steps:-

    • Visit the official website of Cholamandalam and navigate to Loan Against Property.
    • Before applying, now check your eligibility for Cholamandalam Loan against Property.
    • Check various details about the loan, such as interest rates and other charges.
    • If you are satisfied and have cross verified all the details, fill the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Apart from that, you can also visit online marketplaces like MyLoanCare to apply for a Cholamandalam Loan against property. Here, you can compare offers Cholamandalam with other top banks and can use the EMI and Eligibility calculators to plan your expenses and loan repayments. Cholamandalam Loan against property application process at MyLoanCare is hassle-free and transparent.

    Compare Cholamandalam Loan Against Property Interest Rate with Top Banks

    Cholamandalam offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Particulars Cholamandalam SBI HDFC
    Interest Rate % - % 8.80% - 13.10% 8.75% - 9.90%
    Processing Fees NIL Upto 1.00%
    Max ₹ 50,000
    Upto 0.75%
    Loan Tenure 15 Years 10 Years 15 Years
    Maximum Loan Amount ₹ 5 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 21 and Max 65 years Min 18 and Max 70 years Min 24 and Max 65 years
    Benchmark Rate PLR RLLR PLR
    Lowest EMI Per Lakh ₹ 0 per lakh ₹ 1,256 per lakh ₹ 999 per lakh
    Cholamandalam Floating Rate on Loan Against Property

    As on 22 Jan, 2022, Cholamandalam offers the lowest rate starting at 11.00%. Cholamandalam Loan against property rates have been hiked by 1%, from the earlier rate of 10.00% with effect from 23 Aug, 2021.

    Cholamandalam Mortgage Loan Interest Rates
    Chola Loan Against Property 11.00%
    Chola Loan Against Property
    Loan AmountCurrent LAP Rates
    Upto ₹ 50 Lakh 11.00%
    ₹ 50 Lakh - ₹ 1 Cr11.00%
    ₹ 1 Cr - ₹ 3 Cr11.00%
    Above ₹ 3 Cr 11.00%

    Factors Affecting Cholamandalam Loan against Property Interest Rates

    Some of the factors that impact Cholamandalam Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in Cholamandalam depend upon the loan amount you apply. You can get a minimum loan of ₹ 10 Lakh from Cholamandalam.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.
    • Type of loan opted for: Cholamandalam offers differential rates for customers different profiles and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.
    • Your profession: Cholamandalam may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

    Cholamandalam Loan Against Property Eligibility Criteria

    Cholamandalam has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 21 to 65 years
    Minimum Income ₹ 15,000
    Loan Amount ₹ 10 Lakh to ₹ 0 Cr
    Minimum years of business existence 2 years
    Minimum work experience 2 years
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 1.00

    Cholamandalam Mortgage Loan Interest Rate and EMI Calculator

    You can also use an online Cholamandalam Loan against property EMI Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan till the end of tenure

    • The Cholamandalam Mortgage Loan EMI calculator helps you calculate your monthly EMI at different rates of interest and check and compare the lowest EMI per lakh on LAP.
    • You can compare the estimated EMI with your monthly repayment capacity to decide on a level of EMI you can comfortably service without creating financial burden.
    • Loan tenure matters equally as higher loan tenure reduces your EMI.
    • Another factor that affects your EMI is the loan against property interest rate. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan. Loan against property interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility.
    Loan Against Property Top up, Transfer in Cholamandalam

    Cholamandalam offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of Cholamandalam at an affordable interest rate, higher loan amount and convenient loan tenure. Cholamandalam loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in Cholamandalam are 11.00%. Along with that, you can also avail of additional top-up on your loan against property.

    Cholamandalam Loan Against Property Documents Required

    For Self-Employed

    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 2 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
    For Salaried employee
    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 2 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
    Property documents
    • Registered Sale Deed/ Conveyance/ Lease Deed
    • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
    • Latest House Tax Return/ Receipt
    • Approved Building Plan from Municipal Corporation


    What is Cholamandalams loan against property interest rate?

    Cholamandalam offers loan against property at a rate of 11.00% with the lowest EMI of ₹ 1,137. If you are currently paying a higher interest rate than Cholamandalam rate, you can opt for a balance transfer of loan to Cholamandalam.

    Did Cholamandalam Loan against property rates drop?

    No, Cholamandalam lowest rates on loan against property have been increased from 23 Aug, 2021. The new rates have been hiked to 11.00% from 10.00% earlier.

    How to increase my eligibility on Cholamandalam Mortgage loan?

    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

    Can I foreclose my Mortgage loan? What are the charges applicable?

    Yes, you can foreclose your Cholamandalam loan against property anytime you want with NIL foreclosure charges.

    What is the maximum loan tenure I can opt under Cholamandalam Property loan?

    Cholamandalam offers a maximum tenure of 15 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

    What is the benchmark rate applicable for Mortgage loan?

    The benchmark rate applicable for property loans in Cholamandalam is PLR

    Can I transfer my LAP from another bank to Cholamandalam?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to Cholamandalam offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in Cholamandalam are 11.00%.

    What is Cholamandalam mortgage loan processing fees?

    The loan processing fee charged is 2.00% of the total loan amount.

    What security do I need to provide for Cholamandalam Mortgage Loan?

    Cholamandalam requires a registered mortgage of the property against which the bank will provide you a loan.

    • Property on which you intend to take loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
    • Your total EMIs on all loans and credit cards (from Cholamandalam and other banks) are no more than 60 - 70% of your net monthly income.
    • You have not defaulted on loans or credit card dues to Cholamandalam and other banks and all EMI's have been paid. Note that Cholamandalam can see the record or status of your EMI defaults to all banks and NBFC’s in India and not just to Cholamandalam in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
    • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
    • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

    Are prepayment or foreclosure charges applicable on Cholamandalam loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:

    • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
    • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

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    Cholamandalam Loan Against Property News - Jan 2022
    • 2021-08-24 : Cholamandalam increases loan against property rates
      Cholamandalam has increased the interest rate on the loan against property. The lender is charging an interest rate of 11%, earlier it was 10%. The processing fee has also been increased to 2% of the loan amount.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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