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Bakshi House 40-41 (Near Chiranjiv Tower), Nehru Place, New Delhi, Delhi 110019
07:30 am – 05:30 pm Mon-Fri
How To Avail Loan Against Property Without Income Proof Or ITR?

A survey shows that around 15 to 20 million people in India are underbanked, with a high probability of not holding any income proof. While some may have a stable source of income, others may be freelancers or unemployed. To allow them access high-value financing, lenders often sanction a loan against property without ITR or income proof.

Income proof or IT return is essential to evaluate your repayment capability and ensure against any chances of defaulting.

If you want a loan against property without income proof or ITR, you may need to fulfill certain documentation and eligibility parameters. Additionally, follow a few tips to get approval with less hassle.
 

Tips to Avail a Loan Against Property without Income Proof

1. Apply With A Co-applicant

If your spouse, mother, father, brother, son or unmarried daughter is an earning member with valid income proof, you can avail a Property Loan with the co-applicant.

2. Provide With A Justification

Ensure to provide a proper justification of not holding an income proof or ITR. Remember, filing ITR is extremely crucial, and you can discuss with a tax consultant before considering the Mortgage Loan, or Home Loan

3. Talk To An Authorised Representative Or Relationship Manager

Directly speak to the relationship manager or any other authorised representative and assure him/her to make timely repayments of the loan against property without defaulting.

Apart from these, do the following as well –

  • Explain the concerned officer regarding your source of income.
  • Ensure to hold a bank balance, which is double the expected loan EMIs.
  • Select a lower LTV if you can bear the remaining amount from your pocket.

Approach PolicyDigi, and discuss your individual situation to avail the most suitable Loan Against Property without ITR or income proof. Check out the property loan rates and charges to calculate your total cost of loan. Know how to apply for loan with our online application form and avail the funds effortlessly.