Unlock the Hidden Value of Your Property with Chola Loan Against Property

Introduction

In today’s fast-paced world, entrepreneurs often find themselves in urgent need of funds to realize their business aspirations. Having access to instant credit can make a world of difference in achieving their goals.

Loan against property is one such tool providing quick access to funds by leveraging the value of your property. Here, the loan amount is determined by the property’s market value. It is considered a smart solution for meeting a variety of needs like business expansion or revamp. Chola loan against property is a unique product where you can unlock the value of your property and harness its potential to the fullest. Whether it’s a residential home, commercial space, industrial property or piece of land, your property can act as financial support.

Types Of Properties That Can Be Used As Collateral

Residential Property: The most common type of property lenders accept as collateral is a residential property. These can be the home you’re currently residing in or the one you have rented out. The sweet part of this is you can make use of your property while it is being mortgaged as collateral. In case you’ve mortgaged the property that has been rented out, you are eligible to generate income from it. That way, the financial burden on you will be considerably low. Lenders highly value residential properties as their value does not fall over time.

Commercial Property: A shop, office space, or shopping complex can be defined as a commercial property. Basically, they are buildings that are used for generating profit rather than regular residential purposes. This is also one of the commonly accepted collateral across the industry.

Industrial Property: Industrial Property refers to assets used in the production, manufacturing or distribution of goods. These properties will be mostly located in industrial hubs, both private and government-allocated spaces, for conducting business. Industrial properties can also be used as collateral for Loan against Property, to fund business expansion, upgrade equipment or cover working capital expenses.

Plot of Land: You can use a plot as collateral for a loan against property. Lenders will also appreciate clear demarcation in the land that is to be mortgaged as collateral.

Benefits of Chola Loan Against Property

• Fast track approval process ensuring a hassle-free journey.
• Part-payment and pre-payment facility to provide the borrower with the utmost flexibility.
• Balance transfer with better interest rates.
• Loan from 5 lakhs to 7.5 crores to serve varied needs
• Floating rate of interest.
• Flexible tenure of up to 15 years that suits your financial situation. You can go for a longer tenure that can lower your monthly installments or choose a higher EMI to pay off the loan faster.

Documents Needed

Before going ahead and applying for a loan against property, make sure you have the right documents in place. Some of the documents you may need are,

• Proof of residence
• Proof of identity
• Latest financial documents like payslips, ITR etc.
• Copies of all your property documents

Ways To Apply For Chola Loan Against Property

Applying for Chola Loan Against Property has become easier and simpler because of the digital transformation we have gone through over the years. Now, applicants can access our products from the comfort of their homes.

You can apply for Chola Loan Against Property from the comfort of your home itself. Just click here and provide your mobile number to get started. With a butter-smooth user interface, our website is designed in a way that makes navigation a child’s play. You won’t have any trouble availing our services with a few clicks and taps. We also have our AI-powered virtual assistant named, “Yuva”. She will guide you through all your queries, help you to apply for a loan against property, and educate you on many other benefits that we offer. You can also access our FAQ section to get your queries cleared on the go. Our EMI calculator will help you estimate the amount you need to pay after availing the loan. Just enter the loan amount, tenure, and expected interest rate, and voila! You will have your EMI for the given criteria. Thus, helping you plan ahead.

Chola has expanded its footprint across every nook and corner of the country. With 1,400+ branches spanned across India, we serve over 40 lakh+ happy customers. Just walk into your nearest Chola branch to avail yourself of our services.

Conclusion

Chola loan against property is a perfect way to unlock the hidden value and harness the power of your property to its fullest. If you’re looking to invest in or expand your business or add new machinery to upscale your business. With 46+ years of experience, we have a deeper understanding of the needs of the Indian market and we serve different kinds of people with varied backgrounds. Because, financial inclusivity is one of the core values of Chola.