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.