Owing debt in any form is a huge liability and can actually get your morale down. Besides, when you are taking care of debts your lifestyle may sometimes get severely hampered leading to unwanted financial stress. To help you combat situations like these you can consider opting for loan against property. This is a hassle free loan which helps you liquify your fixed asset which is your property and avail preferable finance towards it.
While, applying for the loan make sure to pledge such a property as collateral which is free of any litigation and does not have existing loan on it. This will allow you to get the maximum loan amount from the lender which is up to 60% to 70% of the value of your property. Moreover, this being a secured loan when you meet the eligibility criteria of the lender you can avail the loan at lower rate of interest.
Also check in here: Who provides debt consolidation loan in India?
To finish your debt faster you may take loan from leading lenders such as NBFCs. They offer high value loan at affordable rate of interest and flexible repayment tenure. Whereas, existing customers can manage their finances effectively using the Balance Transfer facility. This will allow them to shift the loan to a new lender at lower rate of interest to curb their debt without feeling the financial strain.
The loan can be obtained on a range of properties. These can range from residential, commercial to industrial. Ensure you have the proper paperwork regarding the property so your application gets approved quicker and faster.
Additional Read: Consolidate Your Owed Bills With Loan Against Property
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health.
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