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Loan Against Property Without Income Proof
If you own a property, you should utilize its market value to avail of a Loan Against Property (LAP) in case you find yourself in need of emergency funds. You can use the large loan amount to foot that urgent bill. However, you must satisfy the loan against property eligibility requirements to qualify for the loan—one of those requirements is your proof of income.
Yes, most lenders won’t approve a loan against property without income proof. However, it is possible to gain approval without that mandatory document if you understand the procedures to follow. This article explains what you need to know about getting a loan against a property without income proof.
It is nearly impossible to get a mortgage loan without income proof because lenders usually insist that you have a steady source of income. An income proof boosts your creditworthiness because it portrays you as capable of repaying the loan.
Below are some tips to help you take a loan against a property without any income proof or ITR
- Explain Your Situation to the Lender’s Representative
Lenders hardly approve a loan against a property application without Income Tax Returns or income proof so you must disclose your income source. You must also disclose why you lack income proof. Be as transparent as possible because the lender’s representative will judge you based on the information you provide and how you provide it.
- Maintain a High Amount of Savings
To convince the lender to approve your application without income proof, you must have a high amount of savings plus a decent monthly balance.
- Select a Lower Loan to Value (LTV) Ratio
The loan to value ratio refers to the percentage of the property’s market value that your lender offers as a loan amount. When you make high down payments and opt for a lower loan to value ratio, lenders are more likely to approve your loan application without income proof.
- Apply with a Co-Applicant
When you apply for a loan against property with a spouse or close relative that has legal income proof, your chances of approval increase.
Below is a detailed list of the documents lenders require to consider a mortgage loan application without income proof:
- A completed application form
- Proof of identity like the Permanent Account Number (PAN) or driver’s license
- Proof of address like a passport or utility bill
- Bank account statements dating back to 6 months
- A cheque in favor of the processing fee
- Passport-size photographs
You can apply for a Loan Against Property From Bajaj Housing Finance with or without income proof. Simply opt for one of our many deals today and enjoy numerous benefits. It only takes a few minutes to complete your application.
*Terms and conditions apply
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