Loan Against Property – The Art of Choosing the Ideal Lender

As human beings, we all have numerous goals to achieve. We see these goals as our life’s purpose. We wake up each morning thinking of achieving these goals. But not all of us have the necessary financial resources to fulfil them. In such times of need, opting for a loan against your property can be a smart way to go.

Loan against property is a multi-purpose loan where you can pledge your property as collateral to obtain the desired loan amount. This money can be used for achieving your various goals like investing in your business, expanding your business etc. Upon achieving your goals and dreams, you can easily repay your lender at your own pace.

Even though it all seems simple, choosing your ideal lender can be a hassle because a lot of them are out there. Below are 5 things you should strongly consider before choosing your lender.

Know your expectations

To start off, you need to have a clear idea of your needs including the amount, interest rate and tenure that you’re comfortable with and then go scouting for lenders. There are a number of them out there. Zero in on the one who closely matches your interests after comparing their offers.

Know what separates your lenders

Even though interest rate is the crux of any loan offer, you should always look for a distinguishing feature that separates one lender from the other. Try and find out whether the lender is giving you genuine financial advice. It is a given fact that the lender will answer all your questions since you’re their customer. But you have to make sure that they are providing sound financial advice.

Word of mouth

Even though interest rate is the crux of any loan offer, you should always look for a distinguishing feature that separates one lender from the other. Try and find out whether the lender is giving you genuine financial advice. It is a given fact that the lender will answer all your questions since you’re their customer. But you have to make sure that they are providing sound financial advice.

Costs that stay under the radar

Loans these days have various hidden charges like loan disbursal charges, prepayment charges and foreclosure charges. You need to have a clear idea of these charges before going forward with your loan application.

Conclusion

After considering the above facts, we are sure you must have narrowed down your prospective lenders. One such lender you must look into is Cholamandalam Investment and Finance Company Limited. Chola has a wide range of loan options to cater to our customers. At Chola, we provide quick loans against property to help our customers meet their financial needs with ease. Collaterals ranging from residential properties to commercial ones are accepted in Chola