How to Finance your Dream Wedding with Loan Against Property
A couple’s wedding is one of the most important days for them and skimping on this auspicious occasion is never an option. However, due to the sheer expense of a marriage, most people prefer to have a simple ceremony rather than a fancy one.
Apart from this, Indian weddings are usually extensive or very elaborate and that too with loads of guests. It is yet another reason for the expenses to rise sky high.
But in case, you are looking for a way to save the most important day of your life, then borrowing a Loan Against Property for Wedding is the right way to go.
It will not only give you a chance to enjoy your dream wedding but also enough time to repay your loan. In this article, I will tell you about how taking a loan against property for wedding can be beneficial for couples.+
- High Loan Amount
A wedding can cost you a fortune especially if you are planning on a destination event. That is why it is always a good idea to carry money. The best part about a loan against property for wedding is that it gives you almost fifty per cent of the actual asset amount.
If you are putting your home up for a mortgage which is worth Rs.30 lakh to avail a loan against property for wedding, then you will be able to get around Rs.15 lakhs. So the higher the value of your property the more loan you get.
- Better Interest Rates
When one opts for an unsecured loan, the chances are that they have to pay higher interest rates to cover the risk involved. But in the case of a Loan Against Property Interest Rates, being very low, you can strike a tremendous deal by getting manageable interest rates.
It happens because loan against property in India gives an additional layer of security to the financing firms. Since they already have something as collateral, it becomes more comfortable for them to provide you with lower rates in case of a loan against property for wedding.
- Top-Up Loans Available
Another benefit which couples can enjoy when it comes to taking a loan against property for weddings is the facility of the top-up loan. In case you have already put your property on mortgage for another loan, you can directly ask the financing organisation to extend the amount.
Although, this is only possible when the firm deems you fit enough to repay the entire amount without any problems. The simplest way to find out if you can avail the top-up service is by submitting all the loan against property documents required.
- Easy to Avail
Last but surely not the least, the processing time of the entire transaction also makes for an advantage when it comes to borrowing a loan against property for wedding. The short duration allows you to focus more on planning your wedding rather than going back and forth between banks.
Most financing organisations try to make the process convenient by adding loan against property eligibility list on their website itself. This way you will be able to check all the information within minutes before applying for a loan against property for wedding.
Also Read here to know more: Cover Your Massive Wedding Expense with Loan Against Property