Indian weddings are lively, luxurious and pompous. It involves huge preparations, making it a costly affair. Everyone wishes to make their wedding a special one. However, these wishes come at a steep price, and people require more money than what is saved. In such cases, a loan against property for a wedding comes to the rescue. It helps individuals get funds at the right time without exhausting their life savings.
Apply for a loan against property for a wedding in a few steps
The application process for a wedding loan against property for marriage is straightforward. However, borrowers must check the varied loan against property interest rates and additional charges offered by lending institutions before availing it.
One can check the below-mentioned steps to apply for a loan against property online:
1: Go to the official website of the preferred lending institution. Click on loan against property application form.
2: Fill in the form with personal and property details.
3: Submit the relevant documents.
4: After a thorough verification process of the documents and property details, lenders initiate the disbursement process.
Once the application process and verification are done, a representative from the lending institution contacts the borrower to carry further processing.
Advantages of availing loan against property for a wedding
A loan against property bestows borrowers with multiple benefits:
- High loan amount: Based on the worth of the property submitted as collateral, commercial institution lets borrower avail of a high quantum loan at a nominal interest rate. The substantial loan amount offered can be used to manage several wedding expenses like funding exquisite food arrangements, wedding venue, purchasing wedding jewellery etc.
- Quick processing: Borrowers can receive loan approval within 24 hours by meeting the lender-specific eligibility criteria and submitting necessary documents.
- Lower interest rates: As loan against property is a secured loan granted based on one’s residential or commercial property kept as collateral. Borrowers get a high-value loan amount at affordable lower interest. A lower interest rate reduces the total cost of the loan, helping borrowers manage wedding expenses.
- Repayment tenor: Lending institutions offering loans against property features a flexible repayment tenor as per a borrowers’ repayment capability. Extended tenor helps the borrower to tailor his/her monthly repayments of EMIs.
- Balance transfer facility: Several financial institutions offers balance transfer facility on loan against property for marriage. When borrowers find that the rate of interest they are currently paying on the wedding loan is higher than the ongoing market value, they can refinance their loan or shift to transferring their outstanding loan amount to another financial institution.
- Top up loan on mortgaged property: Borrowers who already have mortgaged their property can avail of top-up or additional loan amount to fund the wedding expenditure.
- Managing loan account online: Borrowers can check the status of their loan account online, from anywhere and anytime. Furthermore, they can use the loan against property EMI calculator to plan the repayments of EMI accordingly. Computing EMI payouts prior will help borrowers to manage wedding expenses even better and make an informed decision.
Furthermore, loan against property tax benefit is another standout feature of availing a loan against property. Borrowers can receive doorstep services from financial institutions, where representatives will collect borrowers personal and property-related details right from their homes.
Borrowers will get to reap all the above-mentioned benefits after applying for a LAP. However, they can avail of it only when they will meet loan against property eligibility criteria.
Moreover, applicants can also take a look at the pre-approved offers extended by leading financial institutions on financial products like loans against property, home loans etc. These offers accelerate the lending process and reduce the paper work. Borrowers need to enter their names and contact details to check their pre-approved offers.
To conclude, an Indian wedding is full of grandeur and extravaganza and availing of a wedding loan will not provide borrowers with a sufficient loan amount. Therefore, a loan against property for a wedding is an ideal option to finance one’s dream marriage. It will help meet a number of wedding expenses as a loan against property offers an end-to-end financial solution.