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Cholamandalam Finance Loan Against Property

Cholamandalam Finance
4.5

You can apply for a secured personal loan through the Loan Against Property scheme by using your property as security or collateral. These home lending programmes also go by the name of personal loans. The interest rates for loans secured by property range from 11.50 %. With LAP, you can obtain loans with a maximum amount of Rs.5 crore and a maximum term of 15 years.

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Loan Against Property Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Cholamandalam Finance Loan against property Interest Rate

11.5%

1%

₹10L - ₹5Cr

Tenure(Up to 15 Years)

Details

Features and Benefits of Cholamandalam Finance Loan Against Property

Established in 1978, Cholamandalam Investment and Finance Company Limited is a subsidiary of Murugappa Group. With a vision to enable its customers to enter a better life, Chola is one of the leading NBFCs in India.

The company offers various financial products and services, including loans, investment banking, asset management, private equity, and venture capital. The Cholamandalam Investment and Finance Company has designed the loan against property specifically for borrowers looking to raise capital against their property for business or personal purposes.

The loan amount you can raise against the property depends on the property's value kept as collateral and the repayment terms are flexible. The Interest rates are subject to market conditions at the time of application and can be fixed or variable.

You can avail of a loan against property from Cholamandalam Investment and Finance to fulfil your various financial requirements. Some of the features and benefits of this loan are as follows:

  • The bank offers high-value loans ranging from INR 10 lakhs to INR 5 Crores
  • Swift processing in 5 - 7 business days
  • The bank offers extended and flexible tenure to ease your EMIs
  • An applicant can avail of a high loan-to-value ratio of 70%-80% 
  • You can choose to transfer your existing loan to Cholamandalam for nominal rates
  • Partial repayment of the loan is made available to the borrowers. But, a nominal fee would be applicable. 
  • Easy to meet eligibility criteria.

Cholamandalam Finance Loan Against Property Interest Rates

Cholamandalam Investment and Finance offers some of the best interest rates in the market. With the Chola loan against property, you can avail of a loan of up to 70% of the property valuation. The financial institution offers fixed and floating interest rates ranging from 11.50% p.a. It is advisable to contact the bank for more details about the interest rates.

Factors affecting Cholamandalam Finance Loan Against Property Interest Rates

Cholamandalam Investment and Finance offers some of the market's best interest rates on Loan Against Property. However, there are a few factors that affect the interest rates that they offer.

  • The LTV Ratio: The LTV ratio is the Loan to Value ratio. The LTV is the ratio of the loan amount you are applying for to the property's value. The higher the LTV ratio, the higher the risk for the lender, and the higher, the interest rate.
  • The Type of Property: The type of property also affects the interest rate. Lenders consider residential properties less risky than commercial ones, attracting a lower interest rate.
  • The Location of the Property: The location also affects the interest rate. If the property's location belongs to a prime area, the interest rate will be lower than a non-prime area.
  • Your Credit Score: Your credit score is one of the most important factors that affect the interest rate. A good credit score indicates that you are a low-risk borrower and will cater to unlock a lower interest rate.
  • The Tenure of the Loan: The tenure of the loan also affects the interest rate. A longer tenure loan will have a lower interest rate than a shorter tenure loan.
  • The Loan Amount: The loan amount you are applying for also affects the interest rate. A higher loan amount will attract a higher interest rate than a lower loan amount.

Cholamandalam Finance Loan Against Property -Eligibility Criteria

Before you apply for a loan, it's important to understand the eligibility criteria. Here's what you need to know:

  • The applicant must be an Indian citizen 
  • The property must have a clear title and be free of any encumbrances
  • You must be of 21 years of age on the date of application
  • You must have a regular income (salaried/self-employed)

Note: Contact the bank for more information regarding the eligibility criteria.

Cholamandalam Finance Loan Against Property: Fees and Charges

Criteria Fees and Charges
SOA Charges INR 250
Swapping Charges INR 1500
Swappling PDC Charges INR 1000
Cheque Bounce Charges INR 500 per bounce
Collection Charges INR 200 per transaction
Duplicate NOC  INR 500 per event

Cholamandalam Finance Loan Against Property: Documents Required

To get a Chola loan against property with utmost ease, you must prepare the following documents in advance:

  • Identity proof: Aadhaar card, PAN card, Voter ID, Passport, or Driving license.
  • Address proof: Utility bills (telephone bill/ electricity bill/ water bill/ rent receipts)
  • Age proof: Birth certificate
  • Property documents: Property registration deed
  • Duly filled application form along with passport size photograph of the applicant
  • Bank statement of the applicant for the last six months
  • Salary slip from the current employer for the last three months
  • Form 16 from the current employer

How does EMI Calculation Work for Cholamandalam Finance Loan Against Property?

Cholamandalam offers an EMI calculator, an AI tool that determines the equated monthly instalment on your loan following the loan amount, tenure, and interest rate. The calculator determines the EMI using the company's proprietary software. You have to enter the loan amount, loan tenure, and interest rate, and the calculator will compute the EMI based on the same.

How does Cholamandalam Finance Loan Against Property with Other Lenders?

The below table outlines the comparison of the interest rates offered by Cholamandalam with other lenders:

Bank Name Interest Rate
Cholamandalam Investment and Finance 11.50% p.a.
Bajaj Housing Finance 8.60% p.a.- 18.00% p.a.
Bank of India 10.25% p.a. onwards
State Bank of India 9.80% p.a. - 10.20% p.a.
LIC Housing Finance 8.85% p.a.- 11.60% p.a.
HDFC Bank 8.50% p.a.-11.40% p.a.
Axis Bank 9.40% p.a. onwards
Cholamandalam Finance Loan Against Property Customer Care Number
Toll Free Number 1800-102-4565 
SMS 9500000312
Email ID customercare@chola.murugappa.com

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does Cholamandalam Investment and Finance Provide a loan against property at the best rate?

Yes, Cholamandalam offers attractive and competitive interest rates starting from 11.50% p.a.

What is the interest rate on loan against property in Cholamandalam Investment and Finance?

Cholamandalam offers LAP at a nominal interest rate starting from 11.50% p.a.

What are the benefits Cholamandalam Investment and Finance Provides on loan against property?

By taking a LAP at Cholamandalam, you can avail of lower interest rates, quick processing, a high LTV ratio, and high-value loan amounts.

Does Cholamandalam Investment and Finance have a fixed interest rate on loan against property?

Cholamandalam Investment and Finance offers fixed and floating interest rates. Contact the bank for detailed information.

What documents are required in Cholamandalam Investment and Finance for a loan against property?

An applicant must submit identity proof, address proof, bank statements, and property documents for verification.

How to apply for a loan against property in Cholamandalam Investment and Finance online?

You can apply for a loan against property in Cholamandalam Investment and Finance by visiting their official website.

How to check loan against property Status in Cholamandalam Investment and Finance?

You can check the status of your LAP application at Cholamandalam by contacting the bank branch.

Does Cholamandalam Investment and Finance check for CIBIL Score for loan against property?

Yes, like every other bank, Cholamandalam checks your CIBIL report before sanctioning your loan.

What is the maximum and minimum loan against the property amount I can get from Cholamandalam Investment and Finance?

The minimum and maximum loan against property amount you can get from Cholamandalam is INR 10 lakhs and INR 5 crores, respectively.

What are the KYC documents I will have to submit to apply for a loan against property from Cholamandalam Investment and Finance?

The KYC documents include an Aadhaar card, PAN card, Voter ID, Passport, and Driving license.

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