Planning for a joint venture
Several couples opt for a registered marriage, take a combined loan and buy a home prior to the traditional ceremony
Visit any construction site in Mumbai and inquire with the sales staff about the current rate for an apartment. The answer will usually be followed with a standard disclaimer: 'No guarantee of the same rate being applicable next week.'
The possibility of rates rising by several hundred rupees per square foot between the initial inquiry and final decision has often driven the price beyond the reach of many couples. Similarly, waiting until after the wedding could result in a 'preferred' flat being sold to someone else during the interim period.
However, displaying the 'never say die' spirit of Mumbai, certain couples have come up with an ingenious solution to deal with such predicaments. They get married twice.
No, before you jump to the wrong conclusion, this solution does not involve either bigamy or divorce. The same bride and groom just get married to each other once again, that's all.
The first wedding is a 'quickie' registered ceremony with no frills, just signatures on the form in the presence of the registrar. Often the parents don't even bother to attend and the couple takes a few hours off from work instead of a full holiday. Armed with this piece of paper, they apply for a joint home loan, get it sanctioned, then disbursed and buy that elusive piece of real estate that will be their dream home after marriage.
A few months down the line, they have a traditional wedding in the presence of family, friends and relatives, secure in the knowledge that rising realty prices or competition from other home seekers cannot put their ownership house beyond reach.
The reason why couples are increasingly opting for this dual procedure is quite simple. While certain institutions do sanction a joint home loan when the couple is engaged, they insist on a marriage certificate before disbursing the sanctioned loan.
There are several instances where an individual's income level is not sufficient to avail the funding required for buying a specific home. In such circumstances, clubbing the income of the spouse (or spouse to be) helps increase the repayment capacity and in turn, the home loan amount they are eligible for.
It is not uncommon to see the bride and groom's family members helping out with the home selection process several months prior to the wedding, networking within their circle to get advice, evaluating options and finally, assisting them in complying with the formalities.
While this procedure may seem like an unnecessary exercise at first, those who have opted for it swear that it ensures a truly hassle-free start to the new couple's post wedding life.
After all, even if you can find a builder who won't raise the price of your dream home, just imagine the various steps involved thereafter. These can range from getting the bride's new 'married' signature processed legally, following up with the lending institution and the builder, plus the hassles of moving house. Sure, the couple may end up putting in a great deal of effort before the wedding but it's better than spending the initial months after marriage swamped in paperwork and procedures!
In fact, many feel that this dual marriage procedure is also a great way of 'cementing' relationships. With Valentine's Day less than three months away, many couples are planning to start the home loan process now and book their dream home together on that day.
Several couples opt for a registered marriage, take a combined loan and buy a home prior to the traditional ceremony
Visit any construction site in Mumbai and inquire with the sales staff about the current rate for an apartment. The answer will usually be followed with a standard disclaimer: 'No guarantee of the same rate being applicable next week.'
The possibility of rates rising by several hundred rupees per square foot between the initial inquiry and final decision has often driven the price beyond the reach of many couples. Similarly, waiting until after the wedding could result in a 'preferred' flat being sold to someone else during the interim period.
However, displaying the 'never say die' spirit of Mumbai, certain couples have come up with an ingenious solution to deal with such predicaments. They get married twice.
No, before you jump to the wrong conclusion, this solution does not involve either bigamy or divorce. The same bride and groom just get married to each other once again, that's all.
The first wedding is a 'quickie' registered ceremony with no frills, just signatures on the form in the presence of the registrar. Often the parents don't even bother to attend and the couple takes a few hours off from work instead of a full holiday. Armed with this piece of paper, they apply for a joint home loan, get it sanctioned, then disbursed and buy that elusive piece of real estate that will be their dream home after marriage.
A few months down the line, they have a traditional wedding in the presence of family, friends and relatives, secure in the knowledge that rising realty prices or competition from other home seekers cannot put their ownership house beyond reach.
The reason why couples are increasingly opting for this dual procedure is quite simple. While certain institutions do sanction a joint home loan when the couple is engaged, they insist on a marriage certificate before disbursing the sanctioned loan.
There are several instances where an individual's income level is not sufficient to avail the funding required for buying a specific home. In such circumstances, clubbing the income of the spouse (or spouse to be) helps increase the repayment capacity and in turn, the home loan amount they are eligible for.
It is not uncommon to see the bride and groom's family members helping out with the home selection process several months prior to the wedding, networking within their circle to get advice, evaluating options and finally, assisting them in complying with the formalities.
While this procedure may seem like an unnecessary exercise at first, those who have opted for it swear that it ensures a truly hassle-free start to the new couple's post wedding life.
After all, even if you can find a builder who won't raise the price of your dream home, just imagine the various steps involved thereafter. These can range from getting the bride's new 'married' signature processed legally, following up with the lending institution and the builder, plus the hassles of moving house. Sure, the couple may end up putting in a great deal of effort before the wedding but it's better than spending the initial months after marriage swamped in paperwork and procedures!
In fact, many feel that this dual marriage procedure is also a great way of 'cementing' relationships. With Valentine's Day less than three months away, many couples are planning to start the home loan process now and book their dream home together on that day.
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