A loan against property, also known as LAP, is one of the most crucial and beneficial credit options for loan borrowers. What are the benefits of loan against property? One of the biggest reasons several people consider this an opportunity for borrowers is that these loans are available at a competitive interest rate. The loan against property is beneficial for those who are looking for an loan in a few hours to solve a money crisis. Also, loan against property is helpful for borrowers to leverage debt consolidation. Let’s find out at the points below and understand the benefits and eligibility criteria for loan against property for debt consolidation.
What is Debt Consolidation?
The simple and easy definition of debt consolidation is seeking a loan to pay all your existing debts in a single payment. When applying for a loan against property for debt consolidation, a borrower can easily save a large amount on the total interest of the loan. This loan is helpful for those who are struggling to pay multiple EMIs. Debt consolidation might be the perfect choice for a borrower.
Advantages of taking a Loan Against Property for Debt Consolidation
Check out the below steps for taking a loan against property for debt consolidation with a reputed financial lender.
The reputed financial lender will provide instant money for those who have a higher credit score to repay the loan amount without any difficulty.
Always apply for a loan with a reputed lender after complete verification, and get money directly into your bank account within 2-3 working days from the time of approval, document submission, and verification.
The loan against property document criteria are quite simple compared to other loans; we provide very few documents, and we provide doorstep pickup services to make the entire process fast and easy for a borrower.
Get easy repayment options with monthly EMIs for a long tenure.
Documents Required for Salaried and Self-Employed Applicants
If you are planning to apply for a loan against property for debt consolidation, then make sure that you provide all the documents for salaried and self-employed individuals. Let’s take a look at the points below.
Documents Required for Salaried Applicants:
Identity proof documents such as an Aadhar card, passport, and voter ID.
Do not forget to submit your PAN card or Form 60.
Address proof documents, such as the ration card, utility bill, passport, and Aadhar card of a loan borrower.
Latest ITR documents.
Salary slips as well as bank statements for the past six months.
Property documents, whether they are residential or commercial.
Documents Required for Self-Employed Applicants:
Identity proof documents such as an Aadhar card, passport, and voter ID.
Do not forget to submit your PAN card or Form 60.
Address proof documents, such as the ration card, utility bill, passport, and Aadhar card of a loan borrower.
Last six months, bank statements.
Business-related documents such as P&L statements.
Property-related documents.
Final Note
A loan against property for debt consolidation can be a smart move and beneficial for a borrower if used wisely. Make sure that your credit score is above 750 to avail of this loan because several financial institutions offer debt consolidation loans, including public and private financial lenders. Consulting with a financial advisor can help you make a valuable decision for LAP debt consolidation.