How to Apply for a Mortgage Loan

Introduction

You can go for a mortgage loan if you need urgent investment for your business expansion. Securing a mortgage loan gives you access to instant funds by mortgaging your residential, commercial or industrial property as security for your loan. Applying for a mortgage loan or loan against property seems like a hectic task, but with clear knowledge of the application process, you can experience a smooth and seamless loan journey. In this article, we will walk you through the process of applying for a loan against property in detail and also explain the eligibility criteria that qualify you for a mortgage loan.

Evaluate your financial condition

Before diving into the Loan Against Property application process, you should analyze and evaluate your financial condition. You should assess your income and monthly budget to determine how much loan you can borrow, keeping in mind your repayment capacity. Also, consider your ongoing EMIs, which you are currently paying on a monthly basis.

Evaluate the exact value of your property

Before going for a mortgage loan, it is essential to know the exact value of the property you own. This helps you get an approximate estimate of the loan amount for which you are eligible. Usually, financiers provide loans up to 80% of the property value, but this value varies based on the terms of each financier.

Be prepared with the required documents

Being ready with the mandatory documents helps you in quick sanction of your mortgage loan. The document requirement varies for each financier. Contact your financier for more details on documentation. Below are some of the commonly asked documents for a loan against property.

• Proof of income (Example: Tax forms or tax returns)
• Bank statements
• Employment verification
• ID proofs (Example: Driver's license, passport, etc.)
• Asset statements
• Credit history information

Chola processes your loan application with minimal documentation. Visit cholamandalam.com or call 1800-102-4565 (toll-free) for more information.

Compare different lenders before you apply for a loan

Perform online research comparing different financiers, considering all the charges and criteria. You should keep a keen eye on the hidden charges, total EMI payable during the loan tenure, flexibility in repayment, processing fee, and all other loan-related charges to ensure a tension-free loan repayment. Check out the rates and loan terms of reputed NBFCs.

Modes of loan application

There are two modes of application for a mortgage loan with Chola. If you are comfortable applying online, you can go ahead with the following simple steps for the online mode of mortgage loan application. If you want to go offline, then you can visit your nearest Chola branch and contact our executive to proceed with your loan application process.

Offline Application Mode

If you want to apply offline, then kindly visit your nearest Chola branch. Our executive will guide you on how to apply for a loan against property with Chola through offline mode. Arrange the loan against property documents required, as requested by Chola executive. Fill the application form and submit it along with the documents required for the loan.

How to find your nearest Chola branch?

8 Simple Steps

• To check your nearest branch, go to www.cholamandalam.com
• Click on the ‘customer service’ tab.
• Choose the ‘Branch Locator’ option. You will be redirected to the ‘Branch Locator’ page.
• In the product drop down list, choose ‘Loan Against Property.
• In the state drop down list, choose the state where you reside.
• In the branch drop down list, choose your nearest location.
• Click on the ‘Find Branch’ button.
• Now, the address of your nearest Chola branch will be displayed.

Online Application Mode

Steps to apply for a loan against property with Chola:

• Visit www.cholamandalam.com
• Click on the ‘loan against property’ tab. You will be redirected to the Loan Against Property page.
• Click on the ‘Apply Now’ button. You will be redirected to the loan application page.
• Enter your phone number and click on the ‘Get Started’ button. You will receive an OTP from Chola. Enter the OTP
Three property types will be displayed. Click on the Type of Property you own from the following three options:
• Residential Property
• Commercial Property
• Industrial Property
• You will be redirected to the ‘Contact details’ section. Fill all your details like name, date of birth, address, email ID and PAN number.
• Now, click on the Next button.

• Below ₹ 20,000
• ₹ 20,000 - ₹ 40,000
• ₹ 40,001 - ₹ 60,000
• Above ₹ 60,000

• You will be redirected to the ‘Current EMIs’ page. In the amount field, fill the total value of the EMIs you are paying currently.
• Click on the Submit button.
• Now, your interest in applying for a mortgage loan has been received and transferred to the Loan Against Property (LAP) team at Chola. You will soon receive a call from a Chola executive to guide you on how to proceed further with your loan process.

Summary

So, if you want to go for a mortgage loan, knowing the entire application process and eligibility criteria will help you greatly. Double-check the loan application for accuracy before submitting. This is to make sure that you fill out the loan application form without any errors. Your loan application should not be rejected due to any data errors or incorrect information submitted. Follow the above guidelines to navigate your mortgage loan application process with full confidence.