Whether it is a medical emergency or any other unplanned emergency in the family, a financial crisis can occur at any time in our life. Availing of a loan against self-owned property can be highly beneficial during such situations. You can avail of a Loan Against Property without income proof.
A loan against property (LAP) is self-explanatory. It is a kind of loan that can be obtained against a property you own. The property against which you wish to take a loan can either be residential or commercial or just a plot. However, it should be registered in your name. If you have a self-owned property, you can approach lenders for a loan against your property.
The lender will assess your property’s market value before sanctioning the loan amount. If the title of the property is clear, the lender can approve up to 90% of the market value of the property as a loan amount which can be used for any purpose like education, expanding your business, studying abroad, medical treatments, taking a vacation, and so on.
Additional Info: You can also Check Loan Against Property EMI Calculator
Most of the lenders in India will ask you to submit income proof even if you provide your property documents as collateral. This is done to make sure that you will be able to pay off the borrowed amount to them. However, in some cases, applicants don’t have income proof.
For example, unemployed or freelancers may not have any income proof. In such cases too, some lenders may offer loan against property without any income proof to the applicants based on their income source, property’s value, and other factors
ITR is one of the crucial documents required to apply for a loan against property. If you cannot furnish any documents (including ITR) deemed necessary by the lender for LAP, your loan application might get rejected.
ITR (Income Tax Return) is a form in which taxpayers provide information regarding their income and applicable taxes to the Income Tax Department. ITR is important for availing of a LAP. However, if your loan requirement is not too high, some private lenders and Non-Banking Financial Companies (NBFCs) may offer loan against property without ITR.
If you are an unemployed person or a freelance at the time of application and cannot furnish income proof, you can follow the tips mentioned below to get a lap without income proof:
Additional Info: You can also avail SBI Loan Against Property
Additional Info: You can also avail HDFC Loan Against Property
Following are some common documents required to apply for a loan against property without income proof and ITR:
You can apply for a loan against property without income proof in SBI Bank or with other lenders easily by following the steps mentioned below:
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Some lenders may offer you a loan against property without having income proof if your requirement is low and you have a genuine explanation for not having income proof.
Some lenders may offer you a loan against property without ITR if your requirement is low and you have a genuine explanation for not filing an ITR.
Yes, in some cases you can get a loan against property without a regular job. However, you must have a trustworthy income source to service your loan repayment.
SBI, HDFC, ICICI, YES Bank, IDFC FIRST Bank, and RBL Bank are some of the best banks for a loan against property.
You should be earning at least Rs. 25,000 per month to avail of a loan against property.
You can borrow up to 90% of your property’s market value as a loan against property depending on your loan requirement, income, CIBIL score and other factors.