A Hassle-Free Process: How Does Chola Loan Against Property Work?

Introduction

Chola Loan Against Property (LAP) is a secured loan tailor-made to meet the financial needs of self-employed professionals and self-employed non-professionals. Securing a loan against property grants you access to quick funds by mortgaging the property you own as security for the loan.

Any residential, commercial, or industrial property or vacant plot can be mortgaged to get a loan against property from Cholamandalam Investment and Finance Company Limited (Chola). In this article, let’s walk through the hassle-free process of applying for a mortgage loan from Chola.

Why Choose Chola Loan Against Property?

• High Loan Amounts
• Attractive Interest Rates
• Flexible Repayment Terms
• Minimal Documentation

Key benefits of Chola Loan Against Property in detail

• Quick loan approval
• Part Payment & Prepayment options
• Balance transfer of existing loan with a better interest rate
• Loan tenure up to 15 years

Chola offers adequate loan amounts that can be utilized for business expansions or debt consolidation. So, entrepreneurs can get quick access to loans to take their businesses to the next level. Due to the secured nature of mortgage loans, Chola offers lower interest rates, which helps you pay lesser EMI and save money in the long run. Chola provides flexible repayment options, allowing self-employed individuals to choose a tenure that is suitable for their financial condition. Compared to other loan types, a loan against property typically requires less documentation, making the loan application process quicker and less stressful.

What loan application modes are available in Chola?

Offline Application Mode

Customers choosing the offline mode can visit the Chola branch nearest to their location. Chola is a Pan India company with a wide network of branches all over India. To find your nearest Chola branch, type www.cholamandalam.com in your browser and visit the “Branch Locator” page to view the list of our branches near your convenient location. After visiting the branch, Chola staff will guide you on how to apply for a loan with Chola.

Online Application Mode

• Visit www.cholamandalam.com
• Now, select the ‘loan against property’ tab.
• Click on the ‘Apply Now’ button.
• Enter your phone number in the text box & click on the ‘Get Started’ button.
• Now, you will receive an OTP. Enter the OTP in the text box.
• Below three property types will be shown. Click on the “Type of Property” you are planning to pledge as a security for your loan:
Residential Property Commercial Property Industrial Property
• Fill in all your details, like name, date of birth, address, email ID and PAN number, in the ‘Contact details’ section.
• Click on the “Next” button.
• Now, select the range of your monthly income:
Below ₹ 20,000 ₹ 20,000 - ₹ 40,000 ₹ 40,001 - ₹ 60,000 Above ₹ 60,000
• Enter the total value of the monthly EMIs of all your already existing loans on the ‘Current EMIs’ page.
• Click on the “Submit” button.
• On submission, Chola will receive your interest in applying for a loan. This information will be passed on to our team. A Chola executive will guide you on the next steps in the loan process.

The Process of Obtaining a Loan Against Property

• Determine the approximate market value of your property to get an idea of the loan amount you can potentially secure.
• Prepare the required documents, which include property documents, income statements, identity proof, and address proof.
• Fill out the loan application form and submit it.
Chola conducts a valuation of your property to assess its market value and determine the loan amount based on the property value.
• Based on the property value and your financial profile, our team will decide whether to approve or reject your loan application. If your profile is eligible for a loan, the loan amount will be communicated, and the same will be taken forward for further processing.
• If your loan is approved, you'll need to sign a loan agreement outlining the terms and conditions of the loan, including the interest rate, repayment schedule, tenure of the loan and security interest in your property.
• The final stage in your loan process is the disbursement of the loan amount to your bank account. Once the loan agreement is signed and the other processes are completed, we will disburse the amount to your account.

Two key factors to be considered while applying and availing the loan. One is the age of the borrower and the other is the loan amount. Our loan must be aligned with our present personal liabilities and financial objectives with helps in smooth repayment of the EMI.

How can you ensure a hassle-free loan process?

A strong credit score can increase your chances of loan approval and secure better interest rates. Carefully read the loan agreement to ensure you understand all the terms and conditions before signing. Create a budget to ensure you can make timely repayments and avoid skipping EMIs

Conculsion

Knowing the entire loan application process and eligibility criteria will help you to ensure a stress-free loan application process. Make sure that you fill out the loan application form and add all mandatory details. Follow the above instructions to enter a better life with Chola Loan Against Property. Visit www.cholamandalam.com/get-loan-against-property for more information.

Disclaimer: The above information furnished is generic in nature and can be considered for informational purposes only. The interest rates, if mentioned in the article, can be volatile and subject to change. Please feel free to contact us for exact information on our products.