Loan Against Property Debt Consolidation: A Quick Introduction!

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Loan Against Property Debt Consolidation

Are you facing the issues of paying a higher interest rate based loan EMIs? Is it eating a significant portion of your monthly income?

It’s time to save from such a situation and opt for the loan against property debt consolidation facility. Yes, if you have property, you can use it as a pledge to grab a huge amount of loan from a lender.

Banks and non-banking finance companies (NBFCs) can offer you a great facility. Yes, we are talking about the loan against property debt consolidation. If you have the required loan against property eligibility, you may grab loan amounts running into crores at a lower rate.

It is always good to avail a loan such as a loan against property and pay off all other loans in one go. This way, you only need to pay just one EMI and that too, at a lower interest rate. The loan against property interest rates is lower because lenders consider your property as collateral to award you the loan.

If you are unaware of the benefits of the loan against property debt consolidation, then this post will help you out. Read on!

Loan Against Property Debt Consolidation Benefits at a glance

  • Larger Loan Amount

Do you have a big loan amount that you wish to consolidate? The loan against property debt consolidation facility can cover it easily. If you are a salaried individual, you can grab up to Rs.1 crore to settle your other loan dues. On the other hand, a self-employed professional may get up to Rs.3.5 crore. Hence, other than just consolidating your debt, you can use the amount for other personal needs.

  • Lower Interest Rate

Most of the people don’t want to consolidate debt by availing another loan because of the higher interest rates charged on them. On the other hand, the loan against property debt consolidation lets you borrow at a lower than that of a personal loan. Why? It’s because you keep your property as collateral or security with the lender.

  • Flexible Tenure

You don’t need to worry about repaying the loan quickly and make it tough for you to manage your monthly outlays. As a result, you get a tenor up to 18 years if you are a self-employed individual. For salaried individuals, they get to lap up a tenor between 2-20 years to repay the loan in smaller EMIs.

  • Flexi Loan Facility

You can borrow as many times as per your needs from your final allocated amount. You only need to pay interest only on the utilized amount and nothing else. The rest of the amount gets adjusted after the end of the loan tenor.

  • Online Loan Account Access

Once you have availed the loan against property debt consolidation, you can easily access its details. It can be done via the digital customer portal of the lender. This way, you may know where is your loan headed and access all details 24/7 and from anywhere.

You are now aware of the concept of the loan against property. You also know how the loan against property debt consolidation can help you. Yes, it can settle many loans without affecting your expenses.

Additional Read: Can You Use The Loan Against Property For Credit Card Debts

Are you are paying many high interest based loans? Are you finding it tough to manage your monthly expenses? You can now turn to loan against property debt consolidation and pay off all without issues.

Applying for the loan against property debt consolidation facility is hassle-free as you can do that online. Do you want to grab an inexpensive deal without having to visit many lenders for interest rate negotiations? You can also compare many offers online and opt for one that matches your needs and repayment capacity the better.

Bajaj Finserv offers pre-approved offers on loan against property debt consolidation, personal loans, home loans and more. These pre-approved deals make your loan application procedures smooth and less time-consuming overall. You can check out your pre-approved loan offers now by sharing your basic personal details such as name, and mobile number.