Chola Loan Against Property

Loanmani- Chola

Loan Against Property (LAP) is a type of secured loan offered by financial institutions in which a borrower pledges their property, either residential or commercial, as collateral to obtain a loan. The loan amount is generally a percentage of the property's market value, and the interest rate is usually lower than unsecured loans due to the lower risk for the lender.

LAP can be used for various purposes such as business expansion, debt consolidation, education, marriage, medical expenses, or any other personal needs. The loan tenure can range from 5 to 20 years, depending on the lender and borrower's repayment capacity.

Cholamandalam Investment and Finance Company Limited (Chola) is one of the financial institutions that offer Loan Against Property. They offer LAP to both salaried and self-employed individuals and assess the borrower's creditworthiness, repayment capacity, and the value of the property being pledged before approving the loan.

10.00 %

Advertised Rate

15 Years

Available Terms


Credit Score

5 L - 50 L

Loan Amount

Why Choose Chola

  1. Competitive interest rates.
  2. Easy application process.
  3. Quick loan disbursement.
  4. Flexible repayment options.
  5. No hidden charges.
  6. Expert customer service.

Chola Eligibility Criteria

  1. Individuals who are a minimum of 21 years old at the time of application and a maximum of 60 years old at the time of loan maturity
  2. Self-employed individuals, salaried individuals, and proprietors of businesses are all eligible.
  3. The property being mortgaged should be located in an area where Chola provides loan against property.
  4. The property being mortgaged must be owned by the borrower.
  5. The borrower's creditworthiness is also considered when determining eligibility.

Chola Fees & Charges

  1. Processing fees: 0.5% to 1% of the loan amount.
  2. Late payment charges: 2% to 4% of the overdue amount.
  3. Prepayment charges: After a specific period, no prepayment charges are applied.
  4. Valuation fees: Depending on the property, the valuation fees may vary.

Chola Features & Benefits

  1. Loan amount up to 75% of the property's market value.
  2. Flexible repayment options ranging from 3 to 15 years.
  3. Quick and easy loan approval process.
  4. Loan can be used for any purpose such as business expansion, education, medical expenses, etc.
  5. Doorstep service and personalized customer care.
  6. No prepayment charges after a specific period.

Chola Required Documents

  1. Identity Proof: PAN Card, Aadhaar Card, Voter ID, Passport, Driving License
  2. Address Proof: Aadhaar Card, Voter ID, Passport, Driving License, Utility Bill
  3. Income Proof: Bank statements, ITR, Salary Slips, Business proof
  4. Property documents: Property Title Deed, Property Tax Receipts, Sale Agreement, Approved Building Plan
  5. Other documents: Photographs, Business Profile, Partnership Deed, MOA and AOA

FAQs on Chola Loan Against Property

Q: What is Loan Against Property (LAP)? 

A: Loan Against Property (LAP) is a secured loan in which a borrower pledges their property as collateral to obtain a loan.

Q: What types of properties can be pledged for LAP? 

A: Both residential and commercial properties can be pledged for LAP.

Q: What is the maximum loan amount that can be availed under LAP? 

A: The maximum loan amount depends on various factors such as the value of the property being pledged, the borrower's repayment capacity, and the lender's policies. Generally, lenders offer loan amounts ranging from 50% to 80% of the property's market value.

Q: What is the tenure for LAP? 

A: The loan tenure for LAP typically ranges from 5 to 20 years, depending on the lender and borrower's repayment capacity.

Q: Can I prepay the LAP? 

Are there any charges for prepayment? A: Yes, you can prepay the LAP. However, some lenders may charge prepayment penalties if you prepay the loan before the end of the loan tenure. It is important to check with the lender about their prepayment policies before availing the loan.

Q: What are the documents required to apply for LAP? 

A: The documents required for LAP may vary from lender to lender, but generally, you need to submit identity proof, address proof, income proof, property papers, and bank statements.

Q: What is the interest rate for LAP? 

A: The interest rate for LAP may vary depending on the lender's policies, the borrower's credit score, repayment capacity, and other factors.

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