Few Tips to Avail a Loan against Property without ITR

We have all been in a financial rut at some point in our life. We do have a never-ending list of things that we pine for except we have financial obligations to meet. Most of these things lie out of your financial structure and swiping your debit cards is not going to help you financially. So, in situations like this, you can think about getting a personal loan. Perhaps you are in dire need of money and to avail such an amount, you can pledge your property instead. That sounds enticing, right?

What Exactly Does A Loan Against Property Mean?

A loan against property or LAP is a not exactly a complicated term. It is quite literally the thing it stands for. This is the kind of loan you’d take against your registered property/home. This property can be your residential building, a plot or even a commercial building but they should be registered under your name. Once you decide to get LAP, you’d need to make sure that you fulfill the eligibility criteria that the lender has before he sends out their money. The lender will then asses your property’s market value and then sanction once the papers are clear. People take such loans all the time to expand their business ventures or for other purposes that don’t need specificities.

Availing A Loan Against Property Without Income Proof And ITR

To avail a housing loan without ITR would be hard since some of the leading banks wouldn’t approve of your application but to apply for one without ITR, then you’d be needing the following. 

Application form

Identity Proof

Address proof

Passport size photos

Bank statements of last six months

Processing fee

Few Tips On Availing A Loan Against Property

Applicants with savings accounts in the bank they are taking a loan from will be having a relationship manager assigned to them. This person will be guiding you from point to point with concerns that you might be facing. If you are meeting them in person then ask them directly whether they can process your application without income proof or ITR.

If you have someone in your family with a good credit score and a spontaneous income flow, add them as your co-applicant since adding them would ideally increase the chances of your approval.

It is Important to file an ITR but if you couldn’t get around filing the previous year, be sure to explain it your officer. But to be on the safer side, get in touch with a tax consultant and file your tax for the on-going year.

Your lender will obviously be taking a look at your banking habits and how you keep up with our money. If that is being maintained properly, the chances of getting a loan increase naturally. You can check your eligibility beforehand with a loan against property eligibility calculator. If you are a salaried employee then be sure to go through a loan calculator on a salary basis. 

How Can A Salaried Employee Get Their Personal Loan?

To be able to apply for personal loans, there are some basic criteria that need to be fulfilled. Salaried and self-employed applicants are obviously eligible for a personal loan but the criteria differ depending on the institution you are taking the loan from. Some of the basic criteria to avail personal loan are:

1. You need to be salaried or self-employed

2. The age should be between 21 to 58

For a salaried person to avail such a loan, they should be on the job that they were in when they applied for, at a stretch of six months with an overall work experience weighing in for about two years. On the other hand, the self-employed employees should be in the business they are practicing for 3 years with the same amount of work experience. Salaried employees must have a draw of at least 20,000 RS per month to avail a personal loan.

The Maximum Loan That One Is Eligible For!

Personal loans should always be taken with caution as they are often determined by the cash flow. The Maximum loan for salaried employee mostly depends on the income that person draws in. 

Salaried Individuals: For a salaried employee, the minimum income is 20,000 Rs per month and a maximum loan of Rs 15,00,000 can be availed.

Self-employed applicants: The minimum income for them is RS 2,00,000 per year where they can draw up to RS 20,00,000 as a loan.

Businessperson: With a minimum income of Rs 2,00,000 per year, such an applicant can get a max loan of RS 15,00,000.

The Documents That Are Necessary

Some of the basic documents that are needed to avail a loan are a salaried employee

Identity Proof: Voters ID/ Driving License/ Passport et al

Address Proof: Electricity Bill/ Passport/ Ration Card et al

Bank Statement: Last three months

Employment Certificate: Document for 2 years employment continuity

Salary Slip: Last Three Months

Checking For eligibility criteria

To check your eligibility criteria, you can check some of the sites that offer you with eligibility calculator where you are also provided with loan plans and structures you can choose from. Usually, people get a personal loan to get over with their immediate obligations and when there is an option to go for loans that are convenient to have, then personal loans should be taken in as long as you are being able to carry out any given extensions.

The Need For A Decent Sore

Make sure that your CIBIL credit score is up to the mark so that you can bargain for a lesser interest with a better package. Loans would also determine your future credit score. So be sure to take care of your debts without discounting the credit scores since they might stop you from having future loans.

If you are in need of professional assistance, the various sites that are providing services which entail loan services, eligibility calculator with loan service package option are the ones that you should be looking out for as they are likely to increase the chances of you getting a better deal.

Source:http://inrcredit.edublogs.org/2018/11/22/how-can-a-salaried-employee-get-their-personal-loan/