Having multiple loans on your name isn’t really a great feeling. You know you are likely to run into unlikely financial circumstances, either today or tomorrow. Plus, unpaid debts lead to a plethora of mental and emotional stress simultaneously leading to a negative impact on the CIBIL score. Summing up, a debt is better paid at the earliest.
Paying off debts at the earliest becomes even more crucial when you are subscribed to a high-interest loan. In such case, you need to quickly find ways to settle your debts. You can take a mortgage your property and take a secured Loan Against Property for Debt Consolidation. The loan will be available at a relatively lower interest rate, and thus, you’ll be able to lessen your liabilities and the stress on you.
Talking of loan against property, check out the various advantages of choosing the facility.
Long Repayment Tenor: A mortgage loan facility comes with a long repayment tenor given the secured nature. You can get a maximum time of up to 20-30 years for loan repayment.
Lower Interest Rate: As evident from the fact that the loan against property is secured in nature, the interest rate offered with such schemes is relatively lower than the equivalent unsecured option.
Flexi Hybrid Loan Facility: You can also opt for flexi hybrid mortgage loan which gives you the option to pay interest-only EMI in the first few years, and then pay the principle as EMI.
Prepayment and Foreclosure Option: Last but not the least, you get prepayment and foreclosure option. You can close your loan account whenever you want to by following the due procedure.