A loan against property is a mortgage loan that stands out among the different finance solutions in the market by offering high-value funding at an economical rate of interest. Moreover, you can use the loan towards any end and to obtain financing, you can pledge a residential or commercial property you own.
Here are 5 ways through which you can enhance your chances of getting a loan against property without income proof.
Talk to your relationship manager – If you hold a savings bank account, you can speak to the relationship manager assigned to you to explore the possibility of obtaining a loan against property in the absence of a tangible proof of income. The idea here is that your relationship manager has a bird’s eye view of your finances, in terms of your bank account, as well as an understanding of how far the institution can bend in terms of lending
Specify your sources of income to your lender – At the time of property evaluation, it is advisable that you explain to your lender all the sources of your income. This is especially true if you are a freelancer or run a business. Based on this, the loan amount, tenor, and interest rate will be set. Bear in mind that in the absence of a loan against property documents, the final decision lies with your lender and being transparent increases trust and hence, your chances of approval.
Maintain funds in your savings account – Lenders inspect all details pertaining to income before approving your loan request. This includes all your bank accounts as these give lender’s a glimpse into your financial habits.
Apply with a creditworthy co-applicant – When you need funds quickly, you can consider getting a creditworthy individual as a co-applicant in your application for a loan against property. This person may be your parent, spouse, sibling or friend. The idea here is that creditworthy persons have proof of a steady flow of income and possess good credit scores.
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