Cholamandalam Loan Against Property (LAP)
- Loan Amount up to Rs.5 crores
- Processing Fee up to 1% of the loan amount
- Maximum Tenure is 15 years
- Loan to Value Ratio is up to 70%
- Prepayment, Foreclosure Charges allowed with zero charges for floating rate loans
- Minimum and maximum ages are 21 and 65 years for Salaried and Self-Employed Individuals
Cholamandalam Loan Against Property is available to both salaried and self-employed borrowers against their residential or commercial property. Cholamandalam LAP interest rate starts from 11.50% and you can use the funds to finance all your personal and business needs.
| Cholamandalam Loan Against Property (LAP) Summary | |
|---|---|
| Loan Amount | Up to Rs.5 crores |
| Processing Fee | Up to 1.00% |
| Maximum Loan Tenure | 15 years |
| Loan to Value Ratio | Up to 70% |
| Prepayment, Foreclosure Charges | Allowed with zero charges for floating rate loans |
| Age | Minimum 21 and Maximum 65 years for Salaried and Self-Employed Individuals |
Note : The above rates are subject to change at the discretion of the banks or on the basis of RBI directives.
Eligibility Criteria for Cholamandalam Loan Against Property
To avail of a Cholamandalam loan against property,
- be salaried or self-employed with a minimum income of Rs.25,000 per month.
- have work experience or business continuity of at least 2 years.
- be a minimum of 21 and a maximum of 65 years of age.
Find out how much Cholamandalam mortgage loan you’re eligible for.
Use the Fincity loan against property calculator to learn now.
Cholamandalam Loan Against Property Interest Rate
The Cholamandalam Loan Against Property interest rate a borrower gets access to depends on a number of factors – the most significant ones being the applicant’s loan amount and type, property value and type, their net monthly income and profession, their job stability, age, financial obligation and credit score.
Cholamandalam Processing Fee and Other Charges
Here’s a list of the processing charges a borrower can expect when they apply for a Cholamandalam LAP.
| Particulars | Amount |
|---|---|
| Processing Fee | 1.00% of total loan amount |
| Foreclosure Charges | Not applicable |
Note :The above rates are subject to change at the discretion of the banks without prior notice.
Cholamandalam Loan Against Property EMI Calculation
It’s very important to take a mortgage loan that doesn’t leave you struggling to manage your monthly finances. Defaulting or missing EMI payments can take a blow on your credit score making it more difficult to avail loans in the future. To avoid negative consequences, make sure to check the loan schedule for each LAP scheme you shortlist with the Fincity Loan Against Property EMI calculator and then decide on the one that’s convenient for you.
Documents Required for a Cholamandalam Loan Against Property
Below is a list of documents required for a Mortgage Loan with Cholamandalam.
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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
Note : Required documents must be self-attested and may slightly differ.
Cholamandalam Loan Against Property Scheme Benefits
With Cholamandalam mortgage loans, you have access to secured long-term loans. The approval process is fast and loan processing takes 5-7 days. The Balance Transfer and part pre-payment facilities are also available.
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Compare 1000+ loan products and find the lowest rate loans with terms customized for you. For unbiased assistance along the way, connect with our financial advisors for free at lap@fincity.com.