Indian weddings are known all around for being extravagant. Marriage is a once-in-a-lifetime affair and Indians leave no stone unturned to make this day memorable. The wedding industry is a 50 billion dollar investment avenue with the average cost of a ceremony ranging from Rs. 10 Lakh to a few crores. To meet such expenses, a property loan for a wedding is essential.
Destination weddings are the latest trend in the wedding sector. Nearly 29% of Indian couples who opted for wedding management agencies also chose a destination wedding venue in FY 2017-18. Imagine the cost of an Indian wedding plus the added cost of renting an exotic destination. Loan for wedding is, therefore, essential assistance for people who are planning a big fat destination wedding. With a wedding ceremony, today averaging around the Rs. 20 Lakh mark in urban and suburban India, secured wedding loans have become one of the fastest-growing financial products in the Indian market.
Tips To Arrange A Memorable Destination Wedding
Follow these tips to make the best out of your funds and also try to save money while planning your wedding.
- Make A Smart Destination Choice-
Choosing an international destination might be the sole reason why you opt for a loan for a wedding. Choosing a destination with a currency that is weaker than rupees will greatly reduce all your expenses. A few countries with a weaker currency that are a popular choice for destination weddings are:
- Phuket, Thailand
- Ha Long Bay, Vietnam
- Kuala Lumpur, Malaysia
- Bali, Indonesia
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Distribute The Finances-
There are multiple avenues of expenses to arranging a wedding from the guest accommodation to the honeymoon. Each avenue of expenses needs a specific budget and subsequent planning to stick to that budget. Make sure you have pre-determined your budget for accommodation, transportation, F&B, decoration as well as additional expenses as well. Keep a separate contingency fund for the latter. You may even assign certain sections to your families and friends to help with the matter. Also, note a destination wedding will cost you a bit more for the same requirements at your locality.
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Cut Down On Unnecessary Expenses-
Although there is no such thing as an unnecessary expense in times of festivities, extravagance often removes the charm from the moments and memories. For instance, perhaps you can accommodate your guests at high-end homestays such as Airbnb instead of a 4 or 5-star hotel. Or you may opt for the local cuisine instead of an opulent dinner. Doing so will not only help you cut down on expenses but also make your destination wedding a memorable success.
Reasons To Choose Loan On Property To Fund Your Destination Wedding
Individuals opting to fund their weddings with a marriage loan against property will enjoy –
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High-value Funds-
Loan against property is a form of secured loan. The loan value can go up to 85% of the property’s current market price. However, you need to be financially eligible to repay the borrowed sum over the chosen tenure.
There are many financial companies such as Bajaj Finserv who offer high-value Loans Against Property with attractive features and benefits.
Bajaj Finserv also brings you pre-approved offers that make availing loans quick and hassle-free. These offers are available on all major financial products including secured credits like home loans, unsecured credits like business loans and personal loans, etc.
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No End-use Restrictions-
These loans come with zero end-user restrictions. Borrowers can utilize the availed loan amount as per their financial necessities.
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Hassle-Free Approval-
Renowned financers sanction loans for the wedding without much hassle against minimal documentation and easy eligibility criteria.
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Flexible Tenure-
Loan against properties is long-term loans with a repayment tenure ranging up to 20 years. Choose a tenure which in sync your present repayment abilities.
You can find the top 7 bridal makeup packages in India to make the bride-to-be the best stealer of the ceremony. Focusing on the make-up packages holds significant importance, as your radiating look is as essential as your beautiful wedding attire and ornaments. However, there are certain factors that you must consider while taking a loan against property. Understanding the full implications will help you make a better decision.
