Getting married? Here is how you can finance your wedding
Your wedding is probably the priciest party you’ll ever throw in your life. It’s easy to say that you have planned your finances well and you will stick to a budget, but at the end of the day, your venue and catering bill could amount to way more than you imagined. If you are stuck in such a situation, don’t worry, you can easily avail a loan to finance your dreamy affair without any hassle.
There are multiple loan options available in the market and loan against property can be the best choice for you. A loan against property is a loan that you avail by keeping your property as a mortgage with the bank. The loan is granted against the mortgage of the residential/commercial/industrial property. There are various banks and NBFCs that offer loan against property at lucrative interest rates along with a longer tenure.
Why choose LAP to finance your dream wedding?
Going with a loan against property for a wedding is always a good idea. By going with this one can get the desired amount he/she wants for their marriage purpose and can easily repay the money in EMIs.
- Lower interest rates: As the loan is taken against a security or collateral, the rate of interest is generally lower when compared to a personal loan. Loan against property interest rates generally ranges between 8.65% to 13%.
- Lower to no prepayment charges: This fee are charged when you decide to close your loan before the completion of the loan tenure. Banks charge nil prepayment penalty on individuals having floating rate loans.
- Easy to avail: As these are secured loans, banks are more than willing to provide these loans. Therefore, you won’t find it very difficult to get the property loan.
- Longer tenure: These loans are generally available for a longer tenure going up to 15 years.
- Lower EMI: There is an inverse relationship between tenure and EMI. Longer the tenure lower will be the EMI and vice versa. As these are available for a longer tenure, these become suitable for people who can’t afford to pay higher EMIs. However, it is always advisable that a person should take loan for the shortest tenure as the interest burden will be lower in case of short tenure loan.
5 steps to plan your dream wedding:
- You may have saved for wedding expenses, so first make a list of the things you need for the wedding along with their cost. Mark the difference between your saving and how much you need. The difference between these two should be quoted in the loan amount.
- Look for the different lenders. Compare them for interest rate, processing fee and then opt which is suitable for you.
- Opt for an appropriate tenure for your loan. People generally choose long tenure for their loans but choosing a high tenure can cost you much more. So, choose a shorter tenure that you can afford.
- Negotiate with your lender for the interest rate if you can. If they agree it will be easy for you to repay.
- Once, you choose the lender, apply for the LAP by visiting the bank’s branch or through online aggregators.
With Loan Against Property, you can finance your dream wedding without any hassle. There are various banks and NBFCs that offer loan against property at lucrative interest rates along with a longer tenure. So, get going and have a grand wedding.