3 Important Points of Obtaining Loan Against Property without ITR

A loan against property is a loan that is taken against the residential or commercial property by pledging your property as collateral. The lender assesses the property's market value before sanctioning the loan.

But the major requirement is that the lender will ask for income proof even though you offer collateral as income is an important parameter for deciding the amount of loan that can be sanctioned to the borrower.

Presumably, you might be thinking about how to apply for a loan against property without income proof.

Well, there are few housing finance companies such as Shubham Housing Finance, Aadhaar Housing Finance, where you can apply for a loan against property without showing your income tax returns.

With Shubham Housing finance, the process is easy and simple. All you need to provide is Identity proof, address proof, bank passbook, and property papers. With attractive interest rates, you can enjoy hassle-free repayment.

Here are some of the tips that you need to know about availing a loan against property without providing income tax returns (ITR).

#1 Apply for a loan with a co-applicant

It is all right if you do not have an ITR to show. You can add a family member who earns an income such as father, mother, sister, or brother as a co-applicant when applying for a loan against property. This is the easiest way to get a LAP without income tax returns. If you are already unemployed or there is a cash crunch, including a salaried co-applicant will increase the chances of getting a loan and reduce the burden of repayment of the loan.

#2 Justify the reasons for not having income proof

Discuss with the lender or the bank manager, if you have not filed for an income tax return. Reassure them that you will make your repayments on time. The loan officer will consider the prior income and calculate your repayment capacity.

#3 Explain your income source to the lender

The lending institution will send in some officials when you apply for Loan Against Property to inspect the property against which you are taking the loan. At this point, it is very important to explain to the lender your income details so that they remain informed throughout the tenure.

We all know that it a difficult task to get a loan against property without income proof. But with Shubham Housing Finance, you won't face any challenges as they offer loans, especially to those who earn cash income.

So, don't worry if you don't have any income proof, Shubham Housing Finance has got your back and is there to help people without formal income proofs.

Do share your thoughts and concerns in the comment section below and we will try to provide suggestions or help resolve all your loan related problems.