Why Should You Choose Loan Against Property to Consolidate Your Debts

Consolidating your debts allows you to save time along with the hassles of managing payments for multiple loans in a month. Your secured loans, unsecured loans, and credit card bills can all be consolidated into one big loan. You don’t have to worry about the different interest rates de-stabilizing your monthly budget. The best type of loan for consolidation of debts is a loan against property.

Here’s why:

`1. Gain Access to a Higher Loan Amount: Any other form of loan might not offer you the amount necessary to cover all your previous loans. A loan against property can give you up to 70% of the market value of the property as a loan.

2. Make Big Savings: If you have multiple debts, their interest rates will vary. It means that might pay larger sums of money than necessary. Loan against property offers you to combine all these debts under one loan, which is of low interest. This interest rate is fixed, and you can calculate your monthly payment with a loan against property EMI calculator.

3. Manage Your Payments: It might get challenging to keep track of several creditors and multiple EMI payments. This might lead to missed dues and a plummeting CIBIL score. With a loan against property as debt consolidation, you have only one payment to take care of.

Debt consolidation with LAP helps you to streamline your debts so that you have fewer things to worry about.

Must Read: 6 Things to Notice before Taking a Loan against Property for Education