High Loan Amount
Hero FinCorp offers an LTV ratio up to 75%, with loans ranging from Rs 20 Lakh to Rs 5 Crore.
Loan Against Property EMI Calculator
Get a Loan Against Property for Marriage Upto 5 Crore
Indians are known for their big, fat weddings filled with celebrations and memories cherished forever. Although many self-employed professionals may want to avoid hosting grand events, they still want to make their special day memorable with everything they planned forever. Since organising a wedding is financially demanding, a Loan Against Property (LAP) for marriage can be a great source of assistance. Now, you no longer need to save for years and splurge the entire amount on a single day. You can borrow a secure LAP for marriage to ensure a financial crunch does not hinder your plans.
A Loan Against Property provides financial support to those requiring funds to cover various wedding-related expenses. Whether you need funds to book venue, decorations, catering, or purchasing bridal outfit or jewellery, a LAP can help manage the financial aspects. At Hero FinCorp, you can get a secured loan of up to Rs. 5 Crore, depending on the asset’s value and your eligibility. Read on to gain valuable insights into realising your wedding dreams.
Features and Benefits of Loan Against Property for Marriage
A Loan Against Property for Marriage offers many features and benefits. Moreover, there are several aspects that you must keep in mind before applying for a LAP, like the interest rate, eligibility criteria, repayment terms, etc. At Hero FinCorp, you can get a loan suitable to your needs with the following features and benefits:
Attractive Interest Rate
Hero FinCorp offers LAP interest rates starting at 11%, with fixed or floating rate options.
Quick Loan Procedure
Hero FinCorp offers digital loan procedures, ensuring hassle-free approval within 10 days.
Easy Repayment & Longer Tenure
Hero FinCorp offers up to 15 years LAP for marriage, with EMI calculators to choose suitable tenures.
Higher LTV
Hero FinCorp offers up to 75% LTV, with the loan amount based on your needs, eligibility, and capacity.
Hassle-free Documentation
Hero FinCorp offers minimal documentation for a marriage LAP, allowing online document uploads without branch visits.
Eligibility Criteria for Loan Against Property for Marriage
Since LAP is the least risky product for lenders, their eligibility requirements are simple and easy to fulfil. However, you must still check and fulfil the eligibility requirements to avoid rejection for a trivial reason. At Hero FinCorp, you must fulfil the following eligibility criteria for Loan Against Property for marriage:
Age
Your age should not be less than 25 or above 75 years.
Citizenship
You must be an Indian resident.
Work Experience
Business ownership experience for a minimum period might be required.
Monthly Salary
This criterion might not apply as the loan is secured by property.
Documents Required for a Loan Against Property for Marriage
A Loan Against Property is secured. So, lenders need relevant documents for property mortgages. Since Hero FinCorp also provides Loan Against Property for Marriage with bad credit, they need additional documents to verify your identity, income, and repayment capacity before approving your loan application. When you apply for a LAP at Hero FinCorp, you can upload scanned copies of the required documents online without any branch visits or paperwork. The documents needed to apply for a Loan Against Property for marriage include the following:
Mandatory Documents
Duly filled application form, PAN Card
Proof of Identity
Aadhar Card, ID Card, Driver's License, and Identity Card issued by GOI
Proof of Address
Passport, Driver's License, Utility Bill, Voter ID Card, Lease/ Rent Agreement, Registry Copy, Property Tax Receipt, GST Certificate
Proof of Business Existence
GST Certificate, UDHYAM Certificate, Partnership Deed Copy, Trade License, Certificate of Practice
Signature Proof
Banker's Verification, Passport, PAN Card
Proof of Income
Last three years' Income Tax Returns (ITRs), Income Statement, Profit and loss Statement, Balance Sheet, and Bank Account Statement (previous six months)
Property Related Documents
Complete set of documents pertaining to the property in question
Interest Rates and Charges of Loan Against Property for Marriage
Hero FinCorp has a completely transparent fee structure to keep the loan cost reasonable. With the following fees and charges, the Loan Against Property for marriage will not bring any unpleasant surprises:
How to Apply for a Loan Against Property for Marriage?
At Hero FinCorp, the LAP application procedure is online and involves only the following simple steps:
- 01
Visit Hero FinCorp website and go to the loan against property page.
- 02
Check your eligibility from the eligibility criteria section available on the website
- 03
On the mortgage loan page, check for the mandatory documents required for a mortgage loan.
- 04
Click the 'Apply now' tab and fill in the required information, and submit the online form.
- 05
Once Hero FinCorp is satisfied with your details, their executives will get in touch with you.
- 06
You may also apply for a mortgage loan by visiting the nearest Hero FinCorp branch or outlet.
Frequently Asked Questions (FAQs)
If you need funds to finance a marriage, you may borrow a Personal Loan for a wedding or a Loan Against Property for marriage. Personal Loans are unsecured and do not require any collateral, security or guarantor for sanction. However, their loan amounts are limited, and interest rates are higher due to their riskier nature for the lender. On the other hand, a Loan Against Property is a secured loan that you may borrow against an asset of value. Their loan amounts can go in crores of rupees, interest rates are lower, and they are easier to obtain.
At Hero FinCorp, only business owners running a profitable company are eligible for a Loan Against Property. Moreover, they should be between 25 and 75 years of age and have been running the business for at least three years.
Those looking for a low-interest loan may go for a Loan Against Property. However, loan seekers without valuable assets may opt for higher-interest Personal Loans.
Yes, you can give a loan to your wife without interest. However, an interest-free loan to the spouse without repayment is considered an asset transfer without consideration. Moreover, the income will attract clubbing provisions if your wife invests the funds in stocks or a fixed deposit.
According to an IndiaLends survey in 2019, almost 20% of loan applicants aged 20-30 years seek marriage loans. Next come loans for travel and lifestyle-related purposes and business startups. The numbers increased after the pandemic due to financial shortfalls and more demand.
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