Can I Merge Personal Loan With Home Loan
Consolidating two loans into one may require the help of an expert broker with experience.
Can i merge personal loan with home loan. Instead of paying off multiple debts you pay off all of your debts with one home loan repayment and a single lower interest rate. Bajaj finserv offers this option to you with a flexi loan facility wherein you can borrow funds in instalments as per your needs and repay the amount as per your convenience. Available consolidation loans often carry stringent qualification requirements.
It is not possible to merge your personal loan with your home loan as they both are two different types of credit. Even though a personal loan is often more expensive than a home loan it works out to be cheaper than a credit card debt. Despite your existing home loan account your application for personal loan can be approved by your bank.
The agreement the interest rate and the terms of service are different and therefore becomes difficult to merge them. To qualify for a second loan the combined maximum outstanding loan amount cannot exceed 40 000 and you must have made three to 12 months worth of consecutive on time payments on your existing. If you had taken a personal loan earlier and are looking for a home loan banks do offer you the home loan provided your debt to income ratio is not above 50.
More importantly the more debt you include the more money you will need to put down. Although they carry a clear benefit for borrowers consolidation mortgages pose a higher risk for the lender and aren t easy to come by. You can borrow the same from the existing lender or some other lender.
Although including debt in your new home loan can have benefits the debt itself can be an obstacle to approval. If the emi outgo on both the loans does not cross 50 of your income the banks are ready to lend to you. Further you can enhance personal loan repayment by choosing bajaj finserv s personal loan for debt consolidation.
By rolling your debt into a new home loan you can consolidate your debts and lower your payments. Holding two mortgage is a common situation which can be simplified by combining them into one single loan. Yes you can take a personal loan and a home loan at the same time but it depends on your eligibility criterion which differs from bank to bank.
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