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Compare Loan Against Property - Federal Bank vs Cholamandalam

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Bank
Parameters
Interest Rate
Interest Rate
11.90% - 15.15%
% - %
Processing Fees
Processing Fees
Upto 0.50%
Min ₹ 3,000; Max ₹ 7,500
NIL
Maximum Loan Amount
Maximum Loan Amount
₹ 5 Cr
₹ 5 Cr
Loan to Property Value Ratio
Loan to Property Value Ratio
Upto 50%
Upto %
Maximum Tenure
Maximum Tenure
10 Years
15 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 1,429
₹ 0
Benchmark Rate
Benchmark Rate
RLLR
PLR
Minimum Age
Minimum Age
25 Years
21 Years
Maximum Age
Maximum Age
65 Years
65 Years
Overdraft Facility
Overdraft Facility
Y - Home Saver
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.5/5.0
4.5/5.0
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Compare EMI of Federal Bank and Cholamandalam Loan Against Property

Loan Amount Federal Bank Cholamandalam
₹ 10 Lakh ₹ 14,289
₹ 15 Lakh ₹ 21,434
₹ 30 Lakh ₹ 42,868
₹ 50 Lakh ₹ 71,447

Which is a better bank for Loan Against Property – Cholamandalam or Federal Bank?

Cholamandalam offers lower Loan Against Property EMI at ₹ 0 on a Loan Against Property for 15 Years as compared to Federal Bank with a minimum EMI of ₹ 1,429 for 10 Years. Average customer ratings for Cholamandalam is currently at 4.5/5.0 which makes it a good choice for taking a Loan Against Property.

How does Cholamandalam Loan Against Property compare with Federal Bank Loan Against Property?

It is important to do a detailed comparison of Cholamandalam and Loan Against Property on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of Cholamandalam Loan Against Property is %, which is lower than the lowest interest rate of Federal Bank at 11.90% and hence, Cholamandalam is offering a cheaper loan option.
  • When compared on other Loan Against Property charges such as processing fees, Cholamandalam charges a lower processing fees of Nil vs Federal Bank with a processing fees of 0.50% of loan amount.
  • Federal Bank offers Loan Against Property upto 50% of the property value while Cholamandalam offers mortgage loan upto % of property value. Hence, Federal Bank can be a better option if you are looking for a high value amount.
  • Federal Bank is a Private Bank with its Loan Against Property rates benchmarked to RLLR. Cholamandalam is a NBFCs with its home loan rates benchmarked to PLR.
  • Cholamandalam with an average customer ratings of 4.5 is equally comparable to Federal Bank with an average customer rating of 4.5, and hence, the customer can expect the same kind of service levels from these banks.
  • One unique feature of Federal Bank is its overdraft facility which allows borrowers to minimize their interest outgo by paying interest only on the loan amount utilized. This scheme makes it an apt choice for self-employed and businessmen with fluctuating fund requirements.

Which bank offers lower interest rate on Loan Against Property – Cholamandalam or Federal Bank?

As per the current rates, Cholamandalam offers a lower interest rate of % on Loan Against Property when compared to Federal Bank which offers a Loan Against Property at 11.90%.

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Loan Against Property News - Jun 2021
  • 2021-06-10 : Rural Loan Collections to be affected by the Second wave
    As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
  • 2021-06-10 : Edelweiss to become co-lending partners with Central Bank of India
    Edelweiss Retail Finance Ltd. (ERFL) strengthened its co-lending partnership with the Central Bank of India in order to ensure priority sector lending to the MSMEs. MSMEs can now avail collateral free loans of upto 50 lakhs and Loan against property of upto Rs 10 crores.
  • 2021-06-10 : Central Bank of India to become co-lending partners with Edelweiss
    Edelweiss Retail Finance Ltd. (ERFL) strengthened its co-lending partnership with the Central Bank of India in order to ensure priority sector lending to the MSMEs. MSMEs can now avail collateral free loans of upto 50 lakhs and Loan against property of upto Rs 10 crores.
  • 2021-06-09 : Growth of upto 18% expected by IIFL Home Finance on loans
    IIFL Home Finance expects a growth on its loan book which includes Home loans and Loan against property of upto 18%.
  • 2021-06-09 : IIFL Home Finance signs MOU with Central bank of India
    IIFL Home Finance signed a MOU with Central bank of India for co-lending. The Central bank will be providing 80% of the loan amount of IIFL.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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