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Pay-off Your Debt with a Loan Against Property _WC

5 min 24 Feb 2023
Paying Off Debt with Loan Against Property
Highlights:
  • Why You Choose a Bajaj Housing Finance Loan Against Property for Debt Consolidation?

Do you have multiple debts? Are you serving more than two loans at the same time? Do you force yourself to remember more than one credit card bill due date each month? Even if you have enough money to comfortably repay each loan or debt you have, remembering so many due dates, is no easy task. In the case of multiple debts, it is normal for people to miss payment due dates often and then lose more money in the form of late fees. If you are someone who finds it difficult to keep track of multiple due dates, debt consolidation could be the answer to your problems.  

Debt consolidation is the process of taking one loan to pay off multiple loans. Borrowers choose to go for debt consolidation as this option serves many advantages. To start with, credit card bills and other loans, such as personal loans, draw high interest rates. When borrowers take a debt consolidation loan, they get a loan at low interest rates. This helps them save on the total interest outgo. Further, when one opts for debt consolidation, one has to keep track of only one EMI date. This makes repayment easier and saves borrowers from having to shell out money in the form of late payment fee each month.  

If you are planning to opt for debt consolidation, we recommend taking a Loan Against Property from Bajaj Housing Finance.  

A Loan Against Property is a type of secured loan under which a borrower pledges their property - commercial or residential - as collateral in return for loan money. Loans against property involve collateral and therefore, are not a risky deal for lenders. Lenders, thus, sanction these loans at low interest rates. Now that we have a basic idea of what is a Loan Against Property, let us look at why you should opt for a Bajaj Housing Finance Loan Against Property for Debt Consolidation.  

Here's Why You Must Choose a Bajaj Housing Finance Loan Against Property for Debt Consolidation

1.Substantial Loan Amount

With Bajaj Housing Finance, borrowers can avail of a substantial amount of money under LAP. The company allows borrowers to borrow Rs.5 Crore* or more as loan, basis eligibility. This loan value is large enough to cover all your other loans. In other words, with a Bajaj Housing Finance Loan Against Property, you can clear all your other loans in a jiffy.  

2.Flexible Repayment Tenor

Bajaj Housing Finance allows borrowers to repay their Loan Against Property for debt consolidation over a period stretching up to 17 years. This flexible and long repayment period can prove to be specifically beneficial for those borrowers who are finding it hard to afford their current EMIs. By taking a Loan Against Property from Bajaj Housing Finance and opting for a loan repayment tenor, you can bring your EMIs under the affordable range.  

Also Read: Pick the Right Loan Against Property Tenor 

3.Low Interest Rates

Credit card bills draw very high interest rates. Similarly, unsecured loans, such as personal loans and gold loans, also draw a very high interest rate. Loans against property are second cheapest loans after Home Loans. Bajaj Housing Finance loans against property rates start at just 9.75%* p.a. for self-employed individuals. With such low interest rates, not only will you be able to lower your monthly EMIs but also save considerably on the total interest in the long run. 

4.Quick Loan Disbursal 

With Bajaj Housing Finance, you can expect to see funds in your account within 72 hours* of document submission and approval. This means you can now start with the process of consolidating your debt as soon as possible. 

5.End-Use Flexibility

Loan amount availed of from Bajaj Housing Finance under its LAP offering comes with end-use flexibility. You can use the money for debt consolidation, paying for your home renovation or business expansion.

Also Read: Things to Check Before Taking a Loan Against Property for Education 

*Terms and conditions apply. 

Blog-Intro-Disclaimer

DISCLAIMER:

While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.

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