Marriage is a union of two souls, two families, and sometimes even two diverse cultures. When it comes to weddings in India, the bigger the norm, the better. Its grandeur and extravaganza are very much made in India as it is also considered an important social institution.
To make it memorable and grand, families save for a lifetime but there are chances that you would need a little more than what is saved. This is where Micro Loan Against Property (LAP) comes to your rescue.
As the name suggests, you can avail a loan to fund the wedding of your dear ones, against your property by keeping it as a mortgage with the lender/financial institute. Wedding loans against property (LAP) are a perfect instrument to get what you want at the right time without putting any more burden on your life savings.
A loan against property can be a good idea to meet those requirements of funds for all your wedding expenses due to the following reasons:
Lower Interest Rates: : The Rate of interest in Micro LAP for weddings is always lower than a personal loan. Thus, it is a good idea to go for Loan Against Property (LAP) for marriage.
LTV (Loan to Value Ratio): Mortgage loans for marriage typically come with LTV of 60-70%. If you are looking at high-value loans for weddings, you can avail this loan.
Longer Tenures: A loan against property for marriage can be availed for long tenure of up to 20 years. This makes the EMI amount lower than usual and does not put any burden on the borrower.
Instant Funding with Minimal Documentation: A loan against property for marriage can be disbursed immediately into your account post-approval. It requires minimum documentation, and the application process is also simple.
Balance Transfer Facility: Most of the lenders also provide balance transfer facilities on loan against property (LAP) for marriage. Borrowers can opt to transfer the balance amount to another financial institute if they feel that the current rate of interest on a loan is higher than the market rates.
Poonawalla Fincorp makes your loan application experience effortless, easy and convenient. Thus, it helps you fulfills your Micro Loan Against Property (LAP) for marriage requirements and rejoice with your family without holding back.