Festivals, especially Diwali, as per the Hindu calendar, marks the end of the year and provides an opportunity for people to start fresh. Accordingly, the best way to start fresh is by paying off or by consolidating your debts to avoid subsequent high-interest payments. On that note, the best way to consolidate your debt is by taking a loan against property. The said scheme comes with end-usage flexibility and the loan is available at a comparatively lower interest rate; hence, making the decision worthwhile.


How can you avail a Loan Against Property for Debt Consolidation?

The application process is very simple, but you need some clarity on where to apply before proceeding any further. So, start with the research and development, explore all the loan against property schemes available in your area, compare them and identify the one that suits your needs the best, and apply for the loan. The same can be done online using the online loan application feature offered by most lenders.

Perks of taking a Loan Against Property for Debt Consolidation:-

  • Low-Interest Rates: As said above, the loan is offered at a comparatively lower interest rate. Hence, the total interest payable after debt consolidation will be lower compared to your combined EMI obligation at present.

  • Minimal Part-Prepayment Charges: Everyone is aware of the part-prepayment charges but not many know that loan against property charges the lowest if the borrower decides to part-prepay. Now that you know, you can dispose of your debt faster by making frequent part-prepayments.

Note: Don’t forget to check the terms & conditions before applying for the loan.