A few years ago, ladies would cut out images of designer lehengas and wedding decor from magazines for their personal wedding planners. Technology has once again won the game, as times have changed from sifting through magazines to scrolling through Instagram and YouTube. As you scroll endlessly on all your social media apps, making a digital wedding planning book, have you ever wondered what it takes to bring your ideas from a Pinterest board to life?
Times have changed not just the way we plan weddings, but also the size in which we envision them. From a picturesque destination to curating the perfect menu, organizing a wedding comes with a hefty price tag. This transformation can largely be attributed to the emergence of social media platforms such as Instagram and Pinterest, which have changed the landscape of weddings in the country.
Destination weddings have become increasingly popular among couples, who are looking to exchange vows at exotic locations such as the blissful beaches of Goa, Rajasthani Palaces, and the serene hills of Kerala. While these weddings offer a unique experience, they can be quite expensive, and many couples struggle to finance their dream wedding.
Fortunately, none of us has to bet on luck waiting for that genie in a lamp or finding that pot of gold at the rainbow to make the dream wedding come to life. In these ever-changing market conditions, don’t look left or right for solutions when you can always take a loan against property for your wedding expenses.
According to current estimates, the Indian wedding industry is worth Rs 3. 78 lakh crore with an annual growth rate of 20 to 25%! When planning for memories to be cherished for a lifetime, no one should have to compromise. So to escape this plight, let’s explore the key benefits of loans against property for to-be-wed couples.
A Loan Against Property is a type of secured loan that allows you to pledge your property as collateral to obtain a loan, which can be used for any purpose, including funding your wedding expenses. Compared to other loans such as personal loans or credit cards, a loan against property has several advantages. It comes with lower interest rates, longer repayment tenures, higher loan amounts, and flexible repayment options
Loan Against Property or LAPs come bearing with several benefits. The loan is processed quickly, so you will have approval within 24 hours of submitting your documents and verifying your application. If you meet the eligibility criteria, you can receive the funds in as little as 72 hours after submitting your documents and being verified, making it an ideal financing option for those who require funds quickly. (*The benefits offered by the Banks are solely according to their lending policies.)
One of the biggest advantages LAPs has to offer is that the eligibility criteria are simple and easy to meet, allowing both salaried and self-employed individuals and entities to apply. Furthermore, the extended repayment period of up to 18 years and repayment flexibility allows you to choose a comfortable repayment pace. If you have already mortgaged your home to a bank, you may be eligible for a top-up loan or an additional loan to cover your wedding expenses.(*The eligibility criteria and sanctioning are subject to the terms and conditions of the lending bank.)
If this is not enough to convince you, we have great news for the NRI folks! It is hard to stay away from the homeland, especially when it comes to big occasions like weddings. But fret not, because you can still make your dream wedding a reality with a loan against property in India for NRI. You can finance your wedding expenses from abroad by pledging your property in India as collateral. This means that even if you’re miles away from India, you can still get the funds you need to plan your big day!
Couples are seeking inspiration from celebrity weddings and social media influencers to plan their big day. With millennials now opting for extravagant weddings, destination weddings, and celebrity-inspired weddings in exchange for a large wedding with 500 guests to feed for, financing these weddings is still a challenge. So go ahead, plan your dream wedding, and let a loan against property from banks like Karnataka Bank take care of your financial worries.