How To Avail Loan Against Property Without Income Proof Or ITR?

Keep the following list of documents handy to avail a mortgage loan against property without income proof:

  • Duly filled application form.
  • Proof of identity like PAN Card, Voter ID Card, Aadhaar Card, Driving License, etc.
  • Proof of address like Aadhaar Card, Voter ID Card, Ration Card, Passport, Utility Bills, etc.
  • Bank account statements for the last six months.
  • Cheque issued for processing fee payment.
  • Photographs – Passport-sized.

Make sure to have savings that are at least twice the amount of EMIs estimated on your loan against property and provide account statement accordingly.

Tips to Avail a Loan Against Property without Income Proof

Utilise the following tips to improve your chances of availing a loan against property without income proof.

  • Elaborate on Your Income to the Lender’s Representative

    In the case of lack of income proof or ITR, you must specify your income source and why you do not have the necessary documents at disposal to the representative evaluating your property. The final decision is likely to depend on the information you provide, thus determining your annual income as well as repayment capacity.

  • Keep a Check on your Savings

    Maintaining a high average monthly balance along with regular savings improve the chances of getting a loan against property approved.

  • Opt for a Lower Loan to Value (LTV)

    LTV or Loan to Value ratio is the percentage of the property’s market value offered as a loan by the lender. A high LTV of say, 80% provided by the lender means only the remaining 20% of the expenses are to be met by the borrower. Making higher down payments and availing a lower LTV improves your chances of getting the loan approved without income proof, and it posits positive borrower credibility.

  • Consider Choosing Peer-to-Peer Lending

    Although available at higher rates of interest, peer-to-peer lending is another way of availing high-value financing in the absence of income proof or ITR.

    Make sure to compare lenders and arrive at the best deal on a loan against property. Keep all necessary documents ready for streamlined processing of application.

  • Apply With A Co-Applicant

    If your spouse, mother, father, brother, son or unmarried daughter is an earning member with valid income proof, you can avail a Property Loan with the co-applicant.

Additional Read: Loan for Unemployed

Approach Bajaj Finserv, and discuss your individual situation to avail the most suitable Loan Against Property without ITR or income proof. Check out the property loan rates and charges to calculate your total cost of loan. Know how to apply for loan with our online application form and avail the funds effortlessly.