People in Mumbai take loans from time to time to fulfill their immediate or long term financial needs. These loans can be secured, unsecured or can even be a debt from one’s credit card usage. Having a loan in Mumbai and paying if off on time is good for your financial diet and for your credit score. If you have multiple debts and are still paying them on time, it can be fairly good for your credit score but not for your regular financial plan. With multiple debts, you have to pay multiple interest rates. That means you will be paying much extra amount every month by EMI as interest rate; so multiple debts or multiple loans can lead you to empty your pockets faster than you imagine.
To avoid paying multiple debts every month, you can reduce them to one by opting for debt consolidation. Debt consolidation means bringing multiple debts or loans under one umbrella i.e. one loan. The best way to consolidate your multiple debts in Mumbai is to do so by choosing LAP (loan against property).
- Larger Amount:
The amount in LAP is approved by the lender on the basis of the current value of the property which is being kept as mortgage. As property rates in Mumbai are always high, you can get larger amount as loan for your property. This larger amount can easily be used to consolidate your multiple debts as multiple debts will obviously be ranging high in amount when brought together.
- Low Interest Rate:
LAP is a secured type of loan. That means you have to keep your property as mortgage to the bank against loan. That’s why the interest rates in LAP are lower as compared to other types of unsecured loans. Also by choosing LAP you will have to pay only one interest rate. As oppose to in multiple debts you have to pay multiple interest rates. By opting LAP you will be able to bring down the amount you will be paying as interest rate every month.
- Any Property As Collateral:
There are various types of property holders in Mumbai, mainly residential and commercial. To get a LAP in Mumbai, you can keep your residential as well as commercial property as collateral to the lender. That means you can get a loan amount against your house, bungalow, office or shop.
- Quick Way To Get Debt Free:
When you apply for LAP, your loan is approved within 3 days* as per your financial profile. You can use the amount you received from LAP immediately to pay off your other debts. This way you set yourself free from the burden of multiple debts within days. From then on, you just have to carry a singular debt i.e. LAP.
- Easy On Your Monthly Financial Planning:
Multiple debts require very accurate financial planning. You have to manage your pay check, monthly expenses, savings and avoid any extra expenditure to be on track of paying your multiple debts on time. As you will be paying off your debts via EMI, every month you have to make sure that your account has that specific amount or else you will be charged with late fees. So when you decide to consolidate your debts via LAP, you just have to pay one EMI every month. Which is much easier to plan than multiple pay backs.
So apply for a LAP in Mumbai for debt consolidation today!