If you have a large number of high-interest debts like pending credit card bills or medical bills, then taking a loan against property to pay off these debts can be a good idea for you. At first sight, it may look awkward that how can taking debt to pay off debts can be a good idea. But a debt consolidation loan is widely used all over India to clear high-interest debts. The following points explain the features and benefits of mortgage loans.

• When you take a loan against property, then the banks or NBFCs allow you to use this money anywhere you want. So, using them for debt consolidation is a very natural thing.

• You can also use personal loans for the same purpose, but the interest rates are very high for them.

• There are two options available for the interest rate for loan against property for debt consolidation, namely flexible and floating interest rates. You can choose among them as per your needs.

• You can choose the tenure of your loan as per your income and repaying capacity.

• The application and approval process for mortgage loans is very fast and easy. Most of the banks and NBFCs provide you with the option of online application for mortgage loans.

You can use the loan amount received from mortgage loans for any purpose, but high-interest debt settlement using them will save a lot of money in the future. You should definitely avail this benefit from some stable and popular bank or NBFC.

Reference Read: Ease your Home Renovation Debt with Loan Against Property