Your income proof is crucial to avail of any loan. A loan against property is no exception. When you present the proof of your income to your lender, it increases your credibility. They understand your ability to repay the loan.
But what if you cannot present your income proof?
Well, taking a mortgage loan without proof of your income is not an easy task. Whether you take a loan against a plot or mortgage your house, you have to go through a lot of hassles.
Don’t worry. This article will guide you through the steps to follow if you can’t present your income proof to the lender.
Steps To Follow To Get Loan Against Property Without Income Proof
1. Get A Co-Applicant
If you do not have income proof, you can apply with a co-applicant. In that case, they will be the main borrower. They must present their income proof to the lender. It might also help you get a higher loan amount.
2. Talk To Your Relationship Manager
Every bank and NBFC has a relationship manager. They can guide you while applying for loans. Tell them frankly that you cannot present income proof. Who knows? They might offer some alternative solution.
3. Explain Why You Do Not Have An Income Proof
Try to justify your reasons for not having income proof. You might have not been able to file the income tax return due to unforeseen circumstances. Do not hesitate to talk to your lender. They will understand your problem and consider your previous income.
4. Check The Activities Of Your Savings Bank Account
Always check your bank statement before applying for a loan against property. Your lender often scrutinizes your bank account. Make sure you maintain sufficient balance. That might help you to get the loan even if you do not have income proof.
5. Choose A Lower Loan To Value
The LTV or loan to value indicates the ratio of the loan amount to the value of the property. For instance, if the LTV is 80%, your lender will provide you 80% of the value of the property. You can ask them for a lower LTV when you do not have any proof of income.
6. Look For Alternative Ways To Raise Funds
Well, banks are not the only place to get loans these days. With the growth of the digital world, new avenues have opened up. You can go for peer-to-peer lending. Look for online platforms that can match you with investors and lenders. However, do not forget to check all the hidden terms and conditions before applying.
PNB Housing offers quick loans against property. Moreover, they offer an affordable lap loan interest rate.
You can get a loan with minimum documents. You only need to have a good credit score.
So, why are you waiting?
Visit the website of PNB Housing or get in touch with their relationship manager.