You may hear of many banks shouting out there that one needs to showcase credit score and income proof to get a loan irrespective of its type. Not every person in India is able to show income proof for the earnings but, financial needs does not exempt him from urging him to arrange money. How to handle the situation here? One should seek out a way to get the loan from the lender without income proof. It turns to be a tough game to get any other type of loan when don’t show your income proof to the lender. Loan against property will put you forward in such cases and help you raise required funds. Let us check out the tips that help you to get the mortgage loan without any income proof.
Mortgage loans without income proof
What is a loan against property?
As evident by the name, loan against property is procured by pledging the property as collateral. This loan is a good choice when the borrower wants to use the loan amount for multiple needs. These are secured with a property and you can expect to avail them at a low rate of interest as the lender is at low risk while approving them. Applying for these types of loans can be a great way raise funds for your business without selling the assets. The lender sanctions 60% of property value towards the loan after validating. Though you pledge the property to get the loan, you can continue to hold the position of the property while you repay the loan amount.
Every lender asks for income proof when you apply for loan and mortgage loans are not an exception for this Here are some tips to help you get the loan when you cannot produce the income proof to get the same.
Tips for getting loan against property without income proof
Talk to the lender about possibilities
Banks have many rules, regulations and exceptions in place depending on the profile of the client. When you are taking LAP, you are pledging your property to get the loan. Check if there are any chances for the lender to provide an exemption for you to approve the loan without the need of income proof.
Add co- applicant
Most of the lenders make it a mandate to provide income proof to approve LAP to assure that you are capable of repaying the loan. Have a co- applicant in the application so that the lender assumes that co- applicant takes the responsibility of repaying the loan.
Maintain good credit history
When you don’t have income proof to submit to get a loan, the good credit score will come to your rescue. This can be a positive factor on the loan application whenever you apply for credit.