Benefits of Applying for a Loan Against Property for a Wedding
Planning a wedding in India is a costly affair; as it involves multiple ceremonies to make it look grand and extravaganza. Families spend years of their savings on booking venues, wedding planners, decorators, jewellers, caterers, etc.
One can easily meet his/her wedding’s high expenditures without causing a burden on their life savings by availing a loan against property for a wedding. This is the ideal solution for meeting all wedding expenses, as a sizable loan amount is sanctioned at a relatively low-interest rate.
7 reasons that make loan against property for a wedding a good choice
A loan against property for a wedding is undoubtedly an ideal solution to cover all wedding expenditures. To know more about how advantageous it is in comparison to other loans, check out the benefits listed below:
Easy to meet eligibility criteria
Though the loan against property eligibility criteria vary from lender to lender, these are easier to meet. Some common eligibility criteria for this loan include the following:
- The applicant must be a citizen of India and at least 21-25 years of age.
- They must possess a stable or continuous work experience as an employer, or be engaged in a business for a long time.
- The applicant must be either a salaried individual or self-employed. It can even be a company or a firm.
After document submission and verification, an applicant can avail loan against property for weddings in only 72 hours. Thus, after the loan application gets approved, the amount can be disbursed immediately.
Being a secured loan, its application and processing are quite easier and quicker. All one needs to do is complete and submit their loan against property application form along with financial, personal and property-related documents.
After the application form and documents are verified, one can easily get loan approval within 24 hours of document submission.
Flexible repayment tenor
A loan against property for a wedding comes with a flexible repayment tenor of up to 18 years. Its extended repayment tenor makes the EMI payable convenient for borrowers.
Thus, it provides enough flexibility to its applicants for figuring out their financial obligations and accordingly managing their EMIs for loan repayment.
Online facility available
Applicants can now manage their loan accounts online through their chosen partner’s customer portal. With just a few clicks, they can pay their outstanding EMIs from anywhere and at any time. In fact, applicants can also download SOAs through the customer portal.
Competitive interest rates
Lenders usually offer loan against property at an affordable rate of interest since it is a secured loan. While providing a loan, lenders have enough confidence that if borrowers fail to repay the loan, there is still a backup.
The loan against property interest rates varies from lender to lender. However, as its interest rates are competitive enough, it’s the best option for organising any exquisite wedding. Also, it makes the loan more preferable and reasonable for borrowers.
Easy documentation process
Another added benefit of a loan against property application is its simple documentation process. Unlike other loan categories, quite basic and minimal documentation is required to avail of a loan against property.
The borrower just needs to provide proof of identity, address, bank statement, title deed, income or employment proof, etc.
Besides, many financial institutions extend pre-approved offers on financial products, such as LAP, home loan, etc. These offers streamline and simplify loan application process. Existing customers can check their pre-approved offers by providing their names and contact details.
Thus, a loan against property for a wedding is a hassle-free process of funding all wedding expenses, irrespective of whether a residential or commercial property is kept as a mortgage.