How to obtain Loan against property without income proof

Loan against property without income proof is for the person’s who have no income as such. They are not employed or employed privately somewhere without having income proof. The 

The Loan is either obtained by a mortgage on a residential or commercial property or even a piece of land. But most importantly, the property is evaluated first before approving the Loan, with the value being assessed with the market. 

The Loan against property without income proof is only sanctioned after the documents get verified, and the individual’s source of income or the way he/she will pay off the Loan is assessed.

Various things to keep in mind when applying for a Loan Against Property Without Income Proof:

Obtaining a Loan against property without income proof might be quite tedious. The bank may deny it completely because it is quite risky; individuals might run away without paying. Hence, the bank remains sceptical about sanctioning a loan without any income proof. However, one can get a co-applicant to carry on obtaining the Loan. Or ask someone to help or even talk to the bank officers to help out.

There are various points to keep in mind, which are as follows:

• Partnership with someone who has Income proof:

Having a co-borrower for obtaining a loan might be truly helpful. It allows the borrower to secure a more significant amount and helps in getting the Loan sanctioned with the co-borrowers Income proof.

• Showing the savings bank account details:

Unemployed or Self-working professionals who have savings accounts with duly transactions made. These individuals can show up their savings bank account activity and seek a loan. The borrower with a minimum balance or sufficient funds with good transactions has a chance.

• Speak to the relationship manager who helped open a savings account:

Loan against property without income proof gets tricky as there is no income proof. But one can show the bank its savings accounts details that record all the transactions. The relationship manager who helped during opening the savings account can help in this case.

• State reasons for not having the income proofs:

Explain everything to the person in charge about the lacunas and the unavailability of the income proof. The allocated person can give appropriate suggestions and help one get the way out.

• Apply for a lower Loan to value rate:

Applying for a lower loan from the bank based only on the market rate of the property can help. 

• Opt for other ways of getting the Loan:

There are various options available nowadays. One can pick any alternative from crowdsourcing and peer-to-peer funding or even borrow from a friend or anyone. Different financial institutions offer loans without any income proof. 

The Documents needed for Loan Against Property Without Income Proof:

There are various proofs and documents one needs while applying for any kind of Loan. The documents are first verified before going further with the application by the bank officials. After the clear verification, the Loan is sanction to the seeker. There are various docum6 needed as follows:

• Identity proof 
• Proof of address
• Photographs in passport size
• Bank statement of the last six month
• Processing fee

Getting a Loan Against Property without income proof is kind of very difficult as there is no income proof involved. But nowadays, everything is possible with various reforms available. The banks and financial lenders give multiple options to the loan seekers and make it a simplified process. However, a strong proof of an incoming monthly amount can state the evidence and help secure the Loan. 

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