Loan against property for wedding are available from both traditional banks and alternative lenders and can be secured by either a personal or business property. The loan term can be as long as 20 years. The loan is available to professionals and individuals, both salaried and self-employed, who need it to cover wedding expenses. This loan can help pay for a wedding’s costs, such as renting a place for the ceremony, hiring a caterer, buying jewellery, food, and gifts for relatives, etc.
Therefore, if you are looking to finance a wedding in the family, then taking out a loan against property is a good and cost effective way to do so. Now, let’s take a look at the loan against property interest rates.
Loan Against Property Interest Rates
Since a loan against property is a secured loan, the overall interest rates are lower than a typical personal loan. The LAP interest rates start at 8% per annum and are one of the cheapest in the market. LAP interest rates also differ from person to person and depends on a few factors.
Here are a few factors that will affect your loan against property interest rates:
- Loan Duration: The interest rate charged by the lender is based on how long it takes to pay back the loan. The interest rate will be higher if the time to pay back the loan is shorter.
- Credit Score: If you want a loan against property with lower interest rates, your credit score must be at least 700.
- Type of property: The lender’s interest rate is based on the property’s market value and type.
- Applicant’s Profile: The interest rate charged by the lender is also based on the applicant’s age, job, income, etc.
How To Apply For Loan Against Property For Wedding
The steps to apply for a loan against property for financing a wedding are easy and clear and the whole process takes little time and doesn’t cause any inconvenience. Follow the steps below to successfully finish your application:
- Visit the official website to fill out the Loan Against Property application form.
- Choose your “Type of Job” and “Type of Loan.”
- Enter your name, date of birth, mobile number, PIN code, Permanent Account Number, monthly salary (for salaried and professional applicants), annual turnover (for self-employed applicants), and property location.
- Fill out the form and finish the process of applying for a Loan Against Property.
Loan Against Property Eligibility Criteria
Since the property is used as security for the loan, getting approved for a loan against property is easy.
Here are the eligibility criteria:
- People must be at least 21 years old when they apply for a loan
- Applicants must be under 60 years old when the loan is paid off (the age of retirement)
- Applicants with salaries
- Applicants can work for an MNC, a listed public limited company, a government agency, a private limited company, a company that is not listed, a partnership, or as a sole proprietor.
- Applicants must have a yearly income of at least INR 1,20,000.
- Applicants must have a minimum CIBIL score of 700.
- Applicants who are self-employed must:
- Applicants can be self-employed business owners, sole proprietors, self-employed professionals like doctors or accountants or people who own a partnership firm, private limited company, closely held company, or company that isn’t on the stock market.
- After taxes, applicants must make at least a certain amount of money every year, according to rules set by their profession or industry.
- Applicants must have a minimum CIBIL score of 700.
Also, your credit history, history of paying back loans, ability to pay back loans, nature and value of the property to be pledged, etc., will be looked at to see if you are eligible overall.
Loan Against Property EMI Calculator
The Loan Against Property EMI calculator is an online tool that uses the information you enter to figure out your monthly payment on a loan secured by a piece of property. Even though it’s not hard to meet the requirements for a Loan Against Property (LAP), it’s more likely that your request will be approved quickly if your loan application shows that you can make payments on time.
What Are The Benefits Of Using A Lap EMI Calculator?
The Loan Against Property EMI Calculator is a free tool that lets people figure out the Loan Against Property EMI. It’s an online tool that makes it easy to figure out your monthly payment and helps you better plan your finances.
Here are some good reasons to use the property loan calculator:
- The Loan Against Property (LAP) EMI calculator is easy to use, so almost anyone can do it.
- You can use the Property Loan EMI calculator to find a monthly payment that you can afford by changing the loan’s principal, the loan’s term, and the interest rate.
- 24*7 Accessibility: You can use the Loan EMI calculator at any time, day or night, on the lender’s website.
Final Thoughts
Borrowers can apply for a loan against property for wedding either online or in person. To get a mortgage loan, they will have to show the lender the necessary property papers so the lender can make sure the property has a clear title and meets the technical requirements. They would also need to show proof of who you are, where you live, and how much money you make. Also, borrowers need to meet the lender’s basic requirements for eligibility by having the correct documents they need.