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Loan Against Property for Wedding

Mortgage Loan for Marriage

Last Updated 17th May 2022

Salaried, self-employed professionals and businessmen can avail mortgage loan for marriage against residential & commercial property.

Mortgage Loan Rates 6.90%
Age 21 to 65 years
Work Experience
  • For Salaried- Work Experience of 3 years & above.
  • For Self-Employed- Business existence of a minimum of 5 years and ITR of 3 years
Minimum Credit Score 650
Prepayment Charges Nil
Apply for Loan Against Property @ 6.90%* Get upto ₹ 1,000* Voucher

Loan Against Property for Wedding

Loan against property for wedding or mortgage loan for marriage is a type of loan offered by both banks and non-banking financial institutions against the mortgage of residential or commercial property for a tenure up to 20 years. Salaried and self-employed professionals or individuals can avail the loan for financing the wedding. The expenses of a marriage covered under this loan can range from booking a venue for a wedding, catering, jewellery, foods and gifts for the relatives etc.

Loan Against Property: Features and Benefits

From having a hundred different cuisines to photographers in every nook and cranny to fixing venue, catering and other related expenses, weddings in India make a costly affair. Thus, falling short of the required budget is quite common practice. A loan against property can undoubtedly be a good idea to meet those requirements of funds for all your wedding expenses due to the following reasons:

  • LTV (Loan to Value Ratio): Banks typically give mortgage loans for marriage for an LTV of 60-70%. Thus, borrowers can avail these loans if they are looking at a high-value loan. The amount of loan individuals can get for the loan against property for marriage depends on the income and repayment eligibility. The LTV ratio on loan also differs by the type of property. For instance, the LTV ratio is higher for loans taken against residential property.
  • Rate of Interest: The rate of interest on loan against property for marriage is lower than a personal loan. Presently, Citibank offers lowest rates on mortgage loans for a wedding starting at 6.90%. Thus, it is certainly a good idea to avail loan against property for marriage.
  • Longer Tenures: Loan against property for marriage can be availed for long tenure upto 20 years which means that the LAP EMI burden on the borrower is low and the loan is affordable.
  • Type of Property: Borrowers can avail mortgage loan for marriage against both residential & commercial property that is self owned and is not involved in any ownership conflicts.
  • Balance transfer facility: Most of the banks also provide balance transfer facilities on loan against property for marriage. If a borrower finds that the current rate of interest he or she is paying on loan is higher than the market, then they can opt to transfer the outstanding balance of loans to other banks.

Mortgage Loan for Wedding: Eligibility Criteria

To avail a mortgage loan for wedding borrowers need to fulfil the eligibility criteria as mentioned below:

  • Age: Individuals with a minimum age of 21 years and maximum upto 65 years can avail mortgage loan for wedding. In some cases, banks may, however, provide loans to individuals of 18 years and up to 70 years of age.
  • Employment History: To avail loan against property for marriage salaried applicants should have a minimum work experience of 3 years. For Self-employed, business existence for at least five years and ITR for a minimum of 3 years is required.
  • Credit Score: A credit score of 650 or above is considered an ideal score for availing a mortgage loan for marriage. Borrowers can add a co-applicant with a good CIBIL score to increase their eligibility for the loan.
  • Income: The fixed income to obligation ratio cannot exceed 65% of the monthly income. Also, banks prefer a minimum income of ₹ 40,000 for salaried persons and ₹ 3 Lakh p.a for self employed to provide LAP for marriage.

Loan Against Property for Wedding: Fees and Charges

Banks do not charge any fees on prepayment of funds taken against mortgage of property for marriage. Below-mentioned is mortgage loan rates for the wedding of top banks in the country:

Bank Interest Rate Processing Fee
Citibank Loan Against Property Rates 6.90% Nil
HDFC Bank 7.00% 0.50%
IndusInd Bank 7.10% 2.00%
LIC Housing Finance 7.50% 0.50%
Max ₹ 25,000
HDFC Loan Against Property Interest Rates 7.65% 0.50%
Min ₹ 7,500
PNB 7.75% 1.00%
RBL Bank 7.90% 1.25%
Min ₹ 7,500
Bajaj Home Finance 8.00% 0.10%
IDFC First Bank 8.00% 3.00%
Min ₹ 2,500 - Max ₹ 5,000
SBI Loan Against Property Interest Rates 8.05% 0.50%
Min ₹ 2,000 - Max ₹ 50,000
IDBI Bank 8.10% 1.00%
DBS Bank 8.15% 1.00%
DCB Bank 8.25% 1.00%
ICICI Bank Loan Against Property Rates 8.35% 0.50%
South Indian Bank 8.50% 0.50%

Loan Against Property for Wedding: How to Apply

Borrowers can avail the best rates on the mortgage loan for marriage by comparing the loan against property interest rates, processing fees and other charges of all banks. Once they have completed the research on the loan offers available in the market, they need to follow the steps as mentioned below:

  • Fill the online loan application form at the bank Website or online marketplace like MyLoanCare. They can also apply for a loan against property for weddings offline by visiting the bank branch.
  • The bank representative will then ask for the primary loan requirements such as loan amount, tenure, income level etc. and other personal, occupation and income details in the application form.
  • Based on the information provided, the lender will calculate the loan eligibility and provide various loan options based on requirements such as interest rates, processing charges, required documents, lock-in period etc.
  • In case the eligibility for the loan does not match as per the bank, the lender advises the borrowers to submit additional documents or add a co-applicant.
  • Post filling application and the above discussion lender will arrange a meeting to collect the photocopy of documents including KYC, income documents and property documents. The lender will also discuss the property approval process.
  • A bank representative will then come to collect the documents from the address specified by the borrowers.
  • Bankers will then initiate legal and technical verification and visit the site for property verification and come out with a property evaluation report.
  • Based on the same, the bank will confirm the loan amount eligibility of the borrowers. Once the bank gets satisfactory results from the above checks, it will approve the loan, issue a sanction letter and proceed towards initiating the disbursement process.
  • At the time of disbursement, borrowers have to submit original property documents as well mortgage registry documents duly signed and registered to the bank.

FAQs

Which bank is best for a marriage loan?

Presently Citibank can be considered as the best bank for the loan against property for marriage as it provides lowest rates starting at 6.90 %.

How can I avail loan against property for Marriage?

Borrowers can apply for a loan against property for marriage both through the online and offline process through the bank or online marketplace like MyLoanCare.To avail a mortgage loan, they will need to submit the essential property documents so that the bank can evaluate that the property has a clean title and technical specifications. They would also need to provide other documents for identity, address and income proof. Besides, having the essential documents borrowers need to fulfil the basic eligibility criteria of the banks.

How is a loan against property for Wedding eligibility calculated?

Main factors that affect your eligibility for the loan against property for marriage are age, salary, work experience, type of property etc. Borrowers can check your eligibility for a mortgage loan against property online using a loan against property eligibility calculator to save both time & efforts.


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