LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Evaluate these options to fund wedding function

The expenses related to weddings are usually costly and sometimes all the saving is exhausted in making the event successful.    

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Evaluate these options to fund wedding function
Written By: ZeeBiz WebTeam
Updated: Tue, Dec 05, 2017
12:36 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Planning a Deep-Veer-type wedding? Here are 4 platforms that give you instant loans Planning a Deep-Veer-type wedding? Here are 4 platforms that give you instant loans
Planning a big fat Indian wedding? Here is what you should keep in mind while opting for loan Planning a big fat Indian wedding? Here is what you should keep in mind while opting for loan
Your dream wedding can be reality: Here is how to fund your marriage Your dream wedding can be reality: Here is how to fund your marriage
Are you getting married? Three ways to check the credit mantras of your groom Are you getting married? Three ways to check the credit mantras of your groom
Can a marriage loan help save your wedding? Can a marriage loan help save your wedding?

It has been generally witnessed that planning for wedding always witnesses rise in the budget. Sometimes it goes beyond budget and we are left with no choice than to borrow from other sources to fund the auspicious occasion.

There are umpteen sources from where one can borrow, but we need to think of interest rate charges, tenure and principal amount while going for a loan. Let us look at various options.

Personal loan

This type of loan usually comes in handy, when we need money for repairing our house, planning for vacation or preparing for child's marriage.

Your eligibility for opting this loan depends upon your employment type that is salaried or self-employed, your monthly income, your CIBIL score and your existing EMI etc. However, it is an unsecured loan thus the short term tenure plays key role in deciding the interest rate.

Loan against property

Banks and many other financial institutions provide loan against a property which can either be a residential/commercial building or a piece of land. For wedding loan against property can be availed by mortgaging the property with bank. Purposes like education, medical needs, property purchase, marriage or business can be fulfilled through this mode.

Loan amount depends upon factors like type of the property, their market value, etc. Usually banks disburse loan commanding about 40% to 60% of the actual market value.

Most of the loans against property depends upon the profession of a borrower like doctor, engineer, architect, chartered accountant and self-employed having business up to 3 years. Minimum age for such loan can be between 24 to 25 years of age.

Documents like validity proof of the residence, identity proof, salary slips of the previous 6 months, latest bank statement, copy of income tax returns and many more.

Which one is better for funding a wedding?

Firstly, the interest rate on loan against property is way lower compared to personal loans. As we know banks charge an interest rate for a personal loan between 18% and 24%, here interest for loan against property ranges from 12% to 14%.

This would mean that your EMIs would be lower on loan against property than personal loan.

In case, you have already mortgaged your property to a bank, then other option is to contact the financial institution to offer you a top-up or additional loan to fund your requirement. If a bank feels that your salary is sufficient enough to pay back this additional loan along with the EMI on the current loan against property, it can even provide a top-up loan to you.

Fee on the loan amount sanctioned against property is also low at 1% and can be taken for a tenure ranging up to 15 years or more. A borrower can choose from multiple EMI options to choose one which suits his repayment capacities.

As for personal loans, most lenders do not allow part payment of loans, this compels you end to up paying the loan for the entire tenure of the loan. Therefore, it turns out to be very expensive.
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Wedding Loanswedding planningfunding for weddingLoan against propertymortgage loanpersonal loanBanking & Financial Servicespersonal loan interest ratemortgage loan interest ratePersonal Finance
RELATED NEWS
Planning a Deep-Veer-type wedding? Here are 4 platforms that give you instant loans Planning a Deep-Veer-type wedding? Here are 4 platforms that give you instant loans
Planning a big fat Indian wedding? Here is what you should keep in mind while opting for loan Planning a big fat Indian wedding? Here is what you should keep in mind while opting for loan
Your dream wedding can be reality: Here is how to fund your marriage Your dream wedding can be reality: Here is how to fund your marriage
Are you getting married? Three ways to check the credit mantras of your groom Are you getting married? Three ways to check the credit mantras of your groom
Can a marriage loan help save your wedding? Can a marriage loan help save your wedding?

LATEST NEWS

Infosys posts 17.5% fourth-quarter profit jump

CBSE Class 10 Class 12 Board Exams – Students, Parents welcome Govt’s Decision to Cancel CBSE Board exam 2021

PUBG Mobile 1.4 beta update: Check invitation code, new features, Godzilla vs Kong collaboration, APK download link and more

Cancel CBSE Board Exam 2021: After Arvind Kejriwal, Punjab CM Amarinder Singh says POSTPONE CBSE board exams, shoots off letter to Pokhriyal

Asus ZenBook Duo (UX482) review: Decent dual-screen laptop, good performer

Infosys buyback announced! Pegged at Rs 9200 cr, price set not to exceed Rs 1750

Avenue Supermarts (DMART) share price: IDBI Capital pegs target price at Rs 3699

Gujarat Board Latest Exam News: Will GSHSEB POSTPONE HSC SSC exams? Class 10, class 12 board exam candidates, DON'T MISS to check details here

NATA 2021 Result to be ANNOUNCED on THIS DATE at nata.in - check all details here

What expert said about these Rakesh Jhunjhunwala stocks in gaming space - Delta Corp, Nazara Technologies

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved