Is Loan Against Property A Good Choice for Wedding Preparation?

Weddings in India are colossal, larger-than-life affairs. Naturally, they are characterized by emotions at their peak. Plus, preparations are elaborate making Indian weddings expensive.

Consequently, such an event requires external financial support. Such be the necessity, borrowers may seek a Loan Against Property for Wedding. For us Indians, marriages come with a lot of sentimental value associated with them. This idea might sound a little melodramatic, but, a wedding in a family means the world to its members.

Therefore, a loan against property for wedding in India is a viable financing alternative to bear the extravagance of such an event. Yet, the final decision must be followed by a careful consideration of the following factors:

  • Willingness to Put One’s Property on the Line

It goes without saying that homes are as dear to a family as the prospect of the quintessential big fat Indian wedding. Thus, in case a borrower isn’t able to repay his loan, the financial institution reserves the right to forfeit his home.

In consequence, before submitting to the allure of a higher amount granted by a loan against property for wedding, prospects must ask themselves if they are willing to run the risk of getting their properties confiscated in cases of default.

  • Repayment Capabilities After Considering On-Going Financial Obligations

A prospective borrower might have a few on-going financial commitments. Hence, before planning a classy destination wedding, the borrower must have an estimate of:

  • His currently incurred liabilities, if any.
  • Family expenses.
  • Amount remaining after providing for costs and liabilities.

Subsequently, the prospects’ loan against property eligibility depends on how far they’ll be able to repay their EMIs on time, and whether they’ll ultimately be able to repay their loan.

Are There Any Benefits from such a Loan?

Yes, there are.

A loan against property for wedding has few advantages to its credit.

  • Low-Interest Rates

Loans against properties come at low-interest rates. Loan Against Property Interest Rates are usually lower than other loans The lower interest rates are a result of-

  • Availability of a more substantial amount as compared to any other financing alternative.
  • The loan is secured against the property as collateral.

  • Longer Tenure of Repayment

Borrowers can pay the accrued amount for the LAP over a period of twenty years in adequately divided installments. This makes it easier for borrowers to repay their loans.

Hence, if the borrower is entirely sure of his repayment capabilities, and if he/she is willing to run the risk of putting his property on the line for financing a wedding on a grand scale, he can opt for a loan against property for wedding.

Who must a Borrower approach for a Loan Against Property to Finance a Wedding?

Borrowers can always turn to NBFCs for a loan against property for wedding. Such a company also provides pre-approved offers for a loan against property. These offers stand valid for personal loans, EMI finances and other financial services apart from home mortgage loans. Furthermore, loan against property documents required for such NBFCs are minimal.

Hence, if a borrower is sure of his financial capabilities, and has a high CIBIL score, he can always opt for a loan against property to cover the all the expenses ranging right from jewellery to top bridal make-up packages.

Indian weddings are renowned for their scale and grandeur. There’s no reason why finance should be a constraint while planning such an event. Moreover, with the presence of such borrower-friendly lenders, there remain no glitches in organising an elaborate wedding.

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