A loan against property is the best financial solution to plan your wedding and that too cost effectively.
A Loan against property has the following benefits
- Lower interest rates
- Minimal documentation
- Instant disbursal
- Longer tenures
- Balance transfer facility
- Loan to value ratio (LTV)
Benefits and Features of Loan Against Property
- Lower interest rates: The rate of interest in a micro loan against property is always lower than a personal loan. So, it is ideal to go for a loan against property for marriage.
- Minimal Documentation: A loan against property requires minimal documentation, and the application process is also simple.
- LTV (Loan to Value Ratio): Loans against property for weddings typically come with an LTV of 60 to 70%. These are high value loans for weddings.
- Lengthier Tenures: A loan against property for marriage can be availed for long tenures. The duration can extend upto 20 years. This makes the EMI amount typically lower compared to other loans.
- Instant disbursal: Post approval, a loan against property for wedding can be disbursed instantly into your account.
- Balance Transfer Facility: Most of the lenders also provide balance transfer on loan against property (LAP) for marriage. If borrowers feel that the current rate of interest on a loan is higher than the market rates, then they can transfer the balance amount to another financial institute.