There are some turns in our lives, which calls for financial attention. Your child’s marriage is one such turn, our Indian families are abided by traditions and they consider their child’s marriage to be one of the biggest responsibilities along with their health & education. During such occasions, you need a lump sum amount to arrange a grand function for your child’s marriage. On such instances unlocking the potential value of your property by mortgaging it can serve your purpose. The financers offer you loan against property and give you the required amount depending on the present market value of the concerned property. You can mortgage your residential or commercial property, to get the required amount.
If you would go for a personal loan for the purpose, then chances are there that you may end up paying high interest cost for a short period of time. If you opt for a mortgage loan then you can enjoy following benefits:
- You can get the loan not only for marriage purpose, but you can get the loan for business extension, child’s education, treatment or any personal need.
- Mortgage residential or commercial property.
- Get the maximum amount of the loan value that varies from 50-60% of the property’s present market value.
- Flexible repayment options with EMI based loan or overdraft facility.
- Maximum loan tenure for easy repayment.
- Attractive interest rates.
- Loan against property is for both the salaried & self employed.
Depending on the loan amount slab the rate of interest is determined, which varies from 10-13%, for 15years. Affordable interest rates and long repayment terms make the mortgage loan a handy option for immediate fund requirement.
To take the mortgage loan for your child’s marriage, start planning beforehand, so that you get the required amount in time. Go through the online aggregator sites and compare:
- maximum loan amount they offers
- rate of interest along with the maximum tenure
- repayment options they have
If you select your financer after comparing the aforesaid elements, then you can get a good financer, who can help you to serve your purpose. In order to lessen the EMI cost, never stretch your loan tenure, because it may reduce the EMI figure but it increases the interest cost. Make use of the EMI calculator available in the aggregator site or in the financer’s web-page and get an idea of basic debt fund structure and adjust your expenses accordingly. When you are taking the money for your child’s marriage, chances are there that you are closer to your retirement phase, so planning is very necessary, a single mistake can over burden you with debt.
Getting the loan against property is easier and quicker, but the repayment of the debt can be exhaustive so make sure that you take the required amount only and your monthly income source can easily absorb the EMI cost so that you can easily repay your debt. Though you are mortgaging your property to serve a particular purpose, but don’t risk it by being a defaulter. Check your financial profile & affordability before taking the loan against property.