Weddings in India are an elaborate affair. The wedding industry in India is estimated to be over Rs. 1 Lakh Crore, and an average person spends about a fifth of his/her lifetime income on their own wedding and/or that of their children.
Given the high expenses involved in Indian weddings, it is expected to put one under a lot of financial burden. Funding it out of one’s savings is almost never feasible, which is where a loan against property for wedding can be of immense help.
A loan against property is a type of mortgage loan where one or more of your properties are mortgaged to the lender until you repay the loan amount in full. There is no end-usage restriction on this type of loans, which means that you can utilise the funds for any reason, including meeting wedding expenditures. wedding loan is the best way to finance your marriage in a grand way.
Why is LAP ideal to fund a wedding?
There are numerous loans against property features which make it a perfect way to fund a wedding.
Lower rate of interest- Being a secured loan, wedding loan typically comes with much lower interest rates in comparison to other unsecured loans. It ensures that the EMI payment doesn’t become too much of a financial burden on newlyweds, who have many other expenses to account for anyway.
High loan amounts-NBFCs like Bajaj Finserv offer up to Rs. 3.5 Crore as LAP. The final amount for each individual depends on the value of their mortgaged property. Lenders usually offer an LTV of 70%-75% for a loan against property in India. As you must already be aware, weddings are an expensive affair. You can use this amount to meet any wedding expenses, from the venue to decoration, F&B, accommodation and gifts. There is no end-use restriction.
High tenure- Loan against property tenure is one of the highest among all loans in India. Most lenders like Bajaj Finserv offer tenures of up to 20 years for salaried individuals and up to 18 years for self-employed applicants. As the EMI gets divided throughout the tenure, it is usually quite small and easily manageable even for newly wed couples. You can calculate it with a loan against property EMI calculator.
Easy eligibility-Loan against property eligibility is among the easiest to meet. Since these are secured loans, lenders are not too stringent on eligibility. You just need to be a resident of India within the age of 33-58 as a salaried professional and 25-70 as a self-employed business person.
Loan against property documents required is also minimal. You will need to present a proof of your income (salary slips, bank statements etc.) and a copy of the property details to be mortgaged along with KYC documents. If everything is in order, you should have no difficulty in obtaining the loan.
Quick disbursal- If you meet all the eligibility criteria for a wedding loan against property and have all your documents ready, the entire loan amount will be approved and disbursed within 4 working days. So, if you run into any unplanned or emergency expenditure while planning for your wedding, you can quickly get your hands on a large sum of money through a LAP.
Incidentally, Bajaj Finserv also brings you pre-approved offers which are another massive time-saver as these offers simplify the process of availing your loan. You may avail these offers on personal loans, home loans, business loans, and a host of other financial products. All you have to do is share a few basic details and check your pre-approved offer.
A loan against property for the wedding is the most practical way to arrange for the funds like to opt thebest bridal makeup package, costly jewelry, venue rent, etc required for a wedding. Take advantage of this loan to make arrangements for your dream wedding.