How To Consolidate All Of Your Existing Debt?
You may have taken a personal loan and utilised your credit card to the fullest to address financial emergencies. Now, you have come across a substantial debt that you may find hard to pay off. Personal loans are unsecured, and they come with a considerably high rate of interest. Similarly, credit cards also come with high finance charges. Failure to pay the loan EMIs and credit card bill attracts a penal charge and late payment fee respectively. Your credit score also goes down when the due date crosses. Not paying your debt for too long makes you a defaulter. You become blacklisted and will not be able to avail credit anymore. To avoid these, you can take a secured loan with a lower rate of interest. Debt consolidation loan is one such ideal product that you can opt for.
What Is A Loan Against Property?A loan against property is a mortgage loan sanctioned against an immovable asset. The lender keeps your property documents until you have repaid the loan in full. One of the drawbacks of a loan against property is the lender reserves the right to seize your house and liquidate it if you default on the loan repayment. However, there are ways to ensure you don’t default on the loan and easily avoid facing such a situation. The lower rate of interest makes these loans beneficial to consolidate debt.
Top Loan Against Property Features To ConsiderHere are six features you should know.
- Prolonged Tenors To Make Emis Affordable
- Quick Disbursal To Address Financial Situations
- Only A Few Documents Required To Apply
- Only A Few Eligibility Criteria To Fulfil
- You Can Transfer The Loan To Another Lender
- You Can Foreclose The Loan At Any Time