The concept of the loan is not new in the money market of any country including India. As you read this, a large number of people are under the pressure of secured and unsecured debts.
However, when it comes to money matters, most of the people are confused. As a result, they may not decide on debts that are collectively eating up higher interest rates. As a result, so many debt payments each month may be eating a considerable portion of their monthly income. Hence, the solution here is availing a debt consolidation loan.
The term debt consolidation loan is regarded to availing one loan to settle or pay off all active on ongoing debts. You can use it to pay off many loans at a single time and pay just one EMI for the loan that you have taken. As a result, you may take a sigh of relief as you only need to clear just one EMI per month compared to so many.
However, most of the people go for personal loans as debt consolidation, but it comes with a higher rate of interest and a short tenor. Therefore, you may find still it difficult to repay the debt consolidation loan over a smaller tenor.
However, if you are a property owner, you can pledge your property with a lender. Thus, you can get a huge amount of money at a lower interest rate to consolidate your debt. The phenomenon is called the loan against property debt consolidation.
What is Loan Against Property Debt Consolidation?
The loan against property debt consolidation is an incredible facility. It lets you settle all debts with a lower interest rate and a longer tenor.
If you have the required loan against property eligibility, you can get up to Rs.1 crore for salaried and up to Rs.3.5 crore for self-employed personnel.
To get such a loan, you will need to pledge your residential or commercial property with a bank or other lenders and get access to a larger amount of money. It makes the loan secured and curtails the risk involving to the lender. If you are unable to repay the loan over a tenor, the lender may attach your property to recover the loss.
The biggest benefit of opting for a loan against property debt consolidation is that you will need to pay a lesser interest rate on it. As a result, you can pay in smaller EMIs and also get 2-20 years to settle the loan.
Availing the loan against property debt consolidation will easily help you pay off all high interest based loans with a single loan. This way, you only need to care for only one EMI payment and manage other aspects in life super easy.
Are you debt-ridden and finding it difficult to manage financial matters in life? You can always apply for the loan against property online.
Bajaj Finserv presents you with some incredible pre-approved offers on loan against property, personal loans, home loans, and a lot more. It is to simplify your loan related procedures and make it less time-consuming. You can unlock your pre-approved loan deals by sharing your basic details such as name and mobile number.
Read Also: How A Loan Against Property Foreclosure Calculator Works
