Perks of Financing Your Festive Expenses with Debt Consolidation Loan
It is a custom to go ahead with a home renovation before the festive season. You may even have plans to go for a world tour. Lacks of funds is one of the most common discrepancies which an individual may face to bring his/her festive wishes to light.
If you do not already have the required funds available to meet such expenses, you can easily opt for a loan against property in India. Any individual can avail a loan against property by mortgaging a residential or commercial property for debt consolidation loan.
It comes as the best alternative to finance your festive expenses and debts arising from the same.
- Utilising your property’s value-
Such loans are offered against the market value of your mortgaged property where the loan amount sanctioned is a percentage of the property’s value. A loan against property and its features meet your needs in lieu of an already existing capital.
- Lower interest rates-
Loan against property is a secured loan and thus comes with comparatively lower interest rates. The loan amount extended can go up to Rs. 1 Crore for salaried individuals and up to Rs. 3.5 Crore for self-employed individuals.Opting for a longer tenure for repayment will further lower the interest rates on your loan.
- Faster and easier repayment-
Paying back these loans will be simpler for you as it has nominal interest rates. Loan against property tenure are flexible. A shorter tenure with affordable interest rates helps you repay your loan faster.
Loan against property also has fastest approval process. The loan amount is disbursed to your account within 4 days post approval. You may also use the substantial funds for debt consolidation and meet the festive expenses easily without any monetary constraints.
