Every festive season people tend to buy to their heart’s content. They wait and save the entire year and then make their purchases during any of the festivals. This is because of the discounts which are provided and also because it is considered auspicious especially if the festival happens to be Diwali.
The issue, however, arises when people purchase blindly without giving any due consideration to their repayment capacity. Many even go ahead and avail several lines of credit for financing their purchases and become a victim of a debt trap. In such a case, one of the best ways of getting out of such a situation is by using a loan against property for debt consolidation(LAP).
In LAP, a property is pledged for which a loan is offered to consolidate all of the existing debts of the applicant. The benefit here is that not only does the person now need to write a single check instead of many, she/he is also saved from the hassle of remembering the due dates of every payment. What is even better is that the individual can continue to use the property and even let it out on rent to somebody else even after a loan has been availed against it.
What makes this proposition even more attractive is the fact that there are a number of lenders, such as NBFCs who offer loans of up to ₹1 crore to salaried and ₹3.5 crore to self-employed. The documentation is minimal including KYC, bank account statements, and salary slips for the self-employed, and documents of the property to be pledged. The process is entirely online which makes it very simple and easy to understand.
Once the documents are submitted the loan gets approved very quickly. Thus, if you want to apply for this loan, check the details of every lender and go for the one who offers the best deal.
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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