You may have taken various loans or used your credit cards at different points in time to fund your long-term and short-term goals. All these debts may have accommodated to form a bigger corpus at present. Instead of juggling these high interest debts, consolidate them using a loan against property.
Here are the reasons why a loan against property for debt consolidation will help reduce the burden on your finances.
Larger Loan Amount to help Consolidate all your Debts in one go
When you are juggling multiple high-value debts and managing a number of repayments every month, adhering to the EMI schedule and deadlines over time can be difficult. This may result in you defaulting on a few EMIs, especially when you have to channel your income elsewhere. This is more likely to happen if your debts occupy more than 50% of your earnings. In this regard, choosing a loan against property for debt consolidation will help you pay one single EMI every month and lower your total outflow too. By pledging a property you own as collateral, you can access an ample loan amount. You can use these funds to pay off all your debt, no matter how substantial it is.
Lower Rate of Interest that allows you to Manage your Monthly Finances
As per the loan against property rules in India, you can get up to 80% of the value of your property as a loan. Since it is a secured loan, you can enjoy a nominal rate of interest. This means that your total outflow is lower than paying multiple debts at a higher rate of interest. Thus, you can save money and manage your finances better.
Longer Loan Against Property Tenor helps increase your ease during repayment
A loan against property features easy and comfortable repayment terms. When you avail a Loan Against Property for Debt Consolidation with lenders like Bajaj Finserv, you will get to repay the loan over a lengthy tenor of up to 20 years. This ensures that your EMIs are more manageable. Further, you can choose the Flexi Hybrid feature that allows you to borrow from the sanctioned amount multiple times and pay interest only on the amount you actually use. Additionally, you can choose to pay interest-only EMIs to better manage your cash flow.
Quicker Processing on a varied range of Properties
You can pledge any self-owned property, be it residential or commercial or industrial, to avail a loan against property. Here, ensuring that you are the owner and the property is free of any legal dispute is a must as your lender will verify your ownership and your property before approving your application.
Before applying for the loan, check the loan against property eligibility criteria to ensure you qualify. Then apply online or offline and check the list of loan against property required documents to get a fast sanction. All you have to do is share a few basic details and to get easy financing at your fingertips.
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