Every season is the wedding season. From exotic themed to destination weddings becoming the norm you may find yourself worried about finances to ensure it is a memorable affair for your family.
Loan against property is one such option which helps you avail instant cash by liquifying your fixed assets. If your property does not have any loan existing on it and is free of any litigation you can apply for the loan and check your eligibility too.
Once you qualify you can benefit massively from this loan. Here’s how.
> You can avail higher loan amount. Most experienced NBFCs convert 50-60% value of the property into the loan amount. This will help you cover various expenses both planned as well as unplanned.
> You can easily pay off the loan by choosing a flexible tenure from 2-20 years.
As the property is being pledged as collateral this is a secured loan and if you are eligible you can avail affordable interest rate on it. You can even negotiate the loan terms with your lender and ask for preferred loan amount with lower interest. The Loan Against Property for Wedding is the best option for high sum amount loan variations.
Before you apply for the loan consider the below points.
> Income Source
That you have a steady income source such as a job. This will increase the lender’s trust and they will be willing to offer you a high loan amount.
> CIBIL Score
You can avail a high-value loan at a negotiated interest rate with a good/ healthy credit score. Usually, a score of 750+ or more is considered good. But you can always take steps (like clearing off dues on loan, credit cards and other bills) to improve your score with time.
Additional Read: Cover Your Massive Wedding Expense with Loan Against Property
Also, one can watch the video to learn more about the process:
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health.
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