Loan Against Property Without Income Proof

Loan Against Property Without Income Proof

A loan against property is a loan, if you own any loan against property without income proof to use the market value of your property, in the emergency of fund needs, you can get a loan. There are certain requirements and documents to avail loan against property. You can check the eligibility criteria and documents required from the website of financeseva. Property for collateral and income proof is necessary for this process. Most lenders do not approve the loan without necessary documents and income proof is mandatory.

If you don’t have income proof and still you want to avail yourself of a loan against property, here we mentioned the following ways to get it.

Ways to Get a Loan Against Property Without Income Proof

1. Talk to the Lender’s Representative about your situation

Lenders hardly approve a loan against a property application without Income Tax Returns or income proof so you must disclose your income source. You must also disclose why you lack income proof. Be as transparent as possible because the lender’s representative will judge you based on the information you provide and how you provide it.

2. Maintain a High Amount of Savings

To convince the lender to approve your application without income proof, you must have a high amount of savings plus a decent monthly balance for repayment.

3. Select a Lower Loan to Value (LTV) Ratio

The loan to value ratio refers to the percentage of the loan against property market value that your lender offers as a loan amount. When you make high down payments and opt for a lower loan to value ratio, lenders are more likely to approve your loan application without income proof.

4. Apply with a Co-Applicant

When you apply for a loan against property with a spouse or close relative that has legal income proof, your chances of approval increase.