A wedding is one of the most memorable events of an individual’s life. People plan thoroughly and in advance for weddings. They spend several months evaluating caterers, designers, wedding planners, jewelers, etc to get the right combination. An Indian wedding could cost anywhere between Rs 20 lakhs and 2 crores. In some cases, this could be higher. Despite saving for several years, one could fall short of funds.

Therefore one may want to avail of a loan against property for a wedding. By pledging residential, commercial or industrial property as collateral, one can get the funds they need from SMFG Grihashakti. The loan application process is seamless, payment tenure is flexible and the wedding loan against property rates we offer are attractive and are determined based on your eligibility.

Benefits of Wedding Loan Against Property:

A wedding loan against property is a great idea to fund all your wedding expenses for the following reasons:

1) Loan against property interest rates
Interest rate on loan against property is certainly one of the most important factors while deciding on your loan against property. SMFG Grihashakti’s loan against property interest rates are very competitive, thereby making it easy for you to afford the monthly EMIs. Hence it makes a lot of sense to take a LAP and use the funds to organize an exquisite wedding. An affordable interest rate on loan against property makes a loan against property reasonable and preferable.

2) Easy application process
SMFG Grihashakti has a speedy and smooth process of loan approval right till its disbursal. The steps to apply online are extremely easy to follow. SMFG Grihashakti guides you right till the final step of the transaction. You can apply online for a wedding loan against property smoothly.

Just click on the “Apply now” button on this page and select “Loan against Property” from the drop down. Next, enter a few basic details on the online application form and upload the documents.

Thereafter, our representatives will get in touch with you to take the process forward. Once your application is approved, you get a unique tracking ID. You track the status of your loan online with this ID. After successful verification checks, documentation & property evaluation, and execution of the loan agreement, your loan gets approved and the approved funds are disbursed into your bank account.

3) EMI Calculator
SMFG Grihashakti offers a free online tool called the LAP EMI calculator. It is very easy to use. A Loan against Property EMI calculator allows you to plan your finances more efficiently by understanding your future EMI budget. It gives you complete transparency in your monthly financial outflow. All you need to do is enter some basic details like your preferred repayment tenure, interest rate, and loan amount. You will get an exact EMI amount within seconds. You can then re-use by changing the entered details till you achieve a desirable EMI amount.

Must Read : All You Need to Know about Loan Against Property EMI Calculator

4) Easy documentation:
Simple documentation is an added benefit in any loan application. If the documentation list is crisp and is laid out clearly in the beginning, it makes the deal easy and convenient. SMFG Grihashakti needs easy and straightforward documents for wedding loan against property. Following are the documents that are required for salaried and self-employed borrowers for loan against property:

All Applicants:

• PAN
• Proof of Identity: PAN card, Voter ID, Employee card, etc.
• Proof of Residence: Driving license, Aadhaar Card*, etc.
• Bank statements of the past 6 months
• Property related documents

Salaried Applicants will also need to submit:

• Proof of income: Salary slips of the past few months, ITR copies, etc.

Self Employed Applicants will need to also submit:

• Proof of Income: Last 2 years’ ITR with computation, audited financial statements (as applicable), etc.
• Proof of business existence

In case of any co-applicants, their documents will also be requested. Please note that depending on your profile and SMFG Grihashakti’s policy at the time of application, additional documents may also be requested.

5) Eligibility criteria for loan against property:
Eligibility for loan against property is extremely easy since the property itself is provided as collateral to the loan financer. SMFG Grihashakti offers wedding loans against property to salaried as well as self-employed applicants. Applicants must be at least 21 years old at the time of loan application and below 60 years of age (retirement age) by the time of loan maturity. Below is the list of 2 types of employers.

Salaried Applicants:

• Applicants can be employed at MNC, listed public Ltd. company, govt. organisations, Private Limited companies, Unlisted companies, partnership or proprietorship firms.
• Applicants must have a minimum annual salary of INR 1,20,000
• Applicants must have a minimum CIBIL score of 700 or more

Self Employed applicants:

• Applicants can be a self employed business person, sole proprietor, self employed professional like doctor or CA, own a partnership firm, private limited company, a closely held or unlisted company.
• Applicants must meet the minimum yearly profit after tax requirement as per profession and industry
• Applicants must have a minimum CIBIL score of 700 or more

Additionally, other criteria such as your credit history, repayment record, repayment capacity, nature & value of the property to be pledged, etc. will also be taken into account to determine overall eligibility.

If a wedding is around the corner in your family and if you have a fully owned residential or commercial property, then it would be a good idea to mortgage your property rather than liquidating your investments or savings.

*Terms and conditions applicable. Loans are sanctioned at the discretion of SMFG Grihashakti. Please note that Aadhaar numbers should be masked before submission as per regulatory guidelines.

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