Indian weddings are an extravagant affair for which the expenses are substantial. A loan against property for a wedding is an ideal way to manage such hefty expenses. However, while you avail such wedding loan against property to fund your destination wedding, there are specific points that you should keep in mind, such as:
Decide the Destination
With a loan against property, you get to enjoy a substantial loan amount of Rs. 3.5 Crore. Decide places that you can cover with such funds like Phuket, Bali, Malaysia, etc. Limiting your guest list might even help cover a destination wedding in the Turkey, Russia, and even in European countries.
Make a Budget
Before availing a wedding loan do make sure to estimate the required funds for the wedding. Sort your guest list to have an estimation of your expenses.
Book other Requirements
To save costs, consider booking your stay and commute beforehand. Besides, shop for your wedding attire and other requirements well in advance. It may even be wise to have a delegation sent to the destination earlier for a recce to assess the budget required better. Although it sounds expensive, it may actually help you avoid more expenses.
The loan against property has no end-usage restrictions and can be used to meet multiple expenses. Also, the loan tenor is prolonged and can be extended for up to 20 years, making your EMIs affordable. To ensure a smooth loan life-cycle make sure to understand the interest rate and other additional charges of your loan.