Is it Possible to Get Loan Against Property Without Income Proof & ITR?
A loan against property(LAP) is a secured loan sanctioned against the borrower’s property as collateral.
What is an LAP?
Financial institutions require income proof to gauge the repayment capacity of the borrower. Although you cannot get a Loan Against Property without these documents, the following tips may help.
Why is ITR Required for a Loan Against Property?
Tips to Avail LAP Without Income Proof & ITR
Explain Your Situation to Officials
#1
Specify your income source to the financial institution’s representatives. They will weigh your repayment capacity and decide whether or not to sanction the loan.
Increase Your Savings
#2
Maintain a decent monthly bank balance to prove you’re not a risky borrower.
Utilise Your Existing Banking Relationships
#3
If you have been a loyal customer with a bank over the years with your KYC done, then the officials can help you obtain a Loan against property without many documents.
Opt for a Lower Loan to Value Ratio
#4
An LTV is the property’s value offered as a loan by the lender, financial institutions may skip rigorous documentation if the LTV is low.
Apply with a Co-Applicant
#5
Apply jointly with your family member if they have valid income proof and ITR documentation.