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March 2020
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With the wedding season going on in full swing, many families in India are busy with the preparations to ensure their sons and daughters tie in the knot in style. Apart from months of planning, Indian weddings come at a premium with skyrocketing costs of 5-star venues, designer jewellery and lehengas, celebrity performers, aerial photography and wedding favours that leave guests fully satisfied.
To ensure that you don’t compromise on anything that takes away from the splendour and glamour of the big fat Indian wedding, the first step is to ensure your finances are in order. Tackle all your myriad expenses with ease with a wedding loan such as a Loan Against Property from a number of lenders including financial institutions such as NBFCs (Non-Banking Financial Companies). Here are some of the ways in which a loan against property for financing a wedding -
Booking Venues
Weddings happen once in everyone’s lifetime and which brings the entire family together. Many of these family members have to travel all across the globe and whom we do not get to meet even every year. As such, a good venue can not only make the experience more enjoyable but also provide a good place for capturing all those photographs. All this can become a reality if the right venue is chosen. Jewellery Purchase Purchasing jewellery is an inextricable part of any wedding. Not only are they worn by both the bride and the groom but their respective family members as well. Many times, they are also gifted to other relatives. As such, the cost of all the jewellery purchase can add up to be a considerable amount. Thankfully, with a loan against property, all such costs can be easily met. Additional Read: How a loan against property can help you Throw a Lavish Wedding
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Anyone who has a property and wishes to meet his/her high-end expenses can apply for the loan against property. Yes, if you have a residential or commercial property, then it a secure and quick solution to get access to a higher amount of money.
The funds can then be used for meeting a wide variety of your personal needs which can include wedding expenses, educational expenses, business expenses, urgent medical expenses, planning a holiday or even purchasing another real estate. A loan against property is a unique financial facility as it lets you access a higher amount of money at low-interest rates and high repayment tenors. This is possible because it is a secured loan and ensures that repaying back the loan does not become a financial burden.
Some of the top factors which determine the repayment tenor of your loan against property are as follows -
Loan Amount The loan amount has a direct effect on the tenure of your loan repayment. This is because, in general, the higher the loan amount, the longer is the repayment tenor. Also, if you opt for a longer repayment tenor, then it increases your eligibility for obtaining the loan. Furthermore, these days, these are online loan eligibility calculators available using which you can check the amount for which you are eligible and also the repayment tenor. Interest Rates The interest rate and the amount of the monthly installments also play a crucial role in determining the length of the repayment tenor. This is because someone who opts for a lower installment can enjoy a longer repayment tenor. On the other hand, if your finances allow you to opt for higher installment, then you can go for a shorter repayment period and save on the interest. Additional Reads: 3 Factors that can Affect the Loan Against Property Tenure What is the Eligibility for a Loan Against Property? |