Tips To Avail A Loan Against Property Without Income Proof

A loan against property is a loan that is taken against the mortgage of a residential or commercial property. It is a secured loan, which helps borrowers meet their business and financial needs.

The loan is given as a certain percentage of the property's market value, usually around 40 - 60 percent. It is considered as a secured loan as the property is termed as security against the loan.

Here are some of the tips that might help you while availing for a loan against property:

1. Clear Communication with Your Relationship Manager

Discuss every concern and clarify your entire query with the relationship manager. A relationship manager suggests options on how you can pay to make loan repayments. You can also ask them about the alternative documents needed to process your loan in case you don't have any formal income proof document or ITR.

2.  Add a Co-Applicant

A co-applicant is considered as a co-borrower. If you have a family member who has a valid credit history and a regular income can be responsible with the main applicant. Adding a salaried co-applicant will increase the chances of your loan getting approved.

3. Explain Your Income Clearly To Your Officer

Before accepting or rejecting your loan, a bank officer will visit for inspection. At this time, it is essential to explain your income details to the concerned officer. Also, do inform the officer if you do not have documents like income proof or ITR form. As the officer will take into account all the information provided by you when calculating your annual income and repayment capacity.

4. Check Your Savings Bank Account

While approving a loan against property; the lender will take a look at your banking routine. If you have good banking routine and have for all time maintain funds in your account, the chances of your loan being approve increases.

5. Consider Peer-To-Peer lending

it is a recent development in the lending industry. In a P2P platform, funds raised through crowd-funding are disbursed to the eligible borrowers with an interest rate. You may be charged a high-interest rate based on the risk factor under P2P lending. If you do not have applicable income proof or ITR information, this might be a choice.

6. Maintain good CIBIL record

 You should for all time maintain a good CIBIL record and it is even extra important if you don’t have a valid income proof.

Getting a loan against property without income proof and ITR form is an arduous task. It needs a lot of patience, convincing, and explanation.

 Hence, some of the non-banking financial companies (NBFCs) such as Shubham Housing DevelopmentFinance Company, Aadhar Housing, IIFL provides various kind of loans with less documentation.

Hope you found this article helpful, do let us know if you are facing trouble is getting your loan approved. Our team will get back back to you with viable solutions.