It is safe to say that we all have been stuck in a financial rut at some point in our lives. Our humane needs lead us to crave for things that are necessary and redundant at the same time. But we get them anyway. Apart from the philosophical blabbering, let’s get down on the technicalities of getting a loan against property without ITR and your maximum loan eligibility in lap. In situations such as this, we try to find alternatives and mostly that lead them to LAP (Loan against Property).
What exactly is a LAP?
So, A loan against property is like any other loan except you can avail a larger sum of money while keeping any of your registered property as collateral. Be it a Home loan in Uttam Nagar or a LAP, there are some fundamental differences between the two. While a home loan is specifically for buying real estate whereas LAP doesn’t have any specific purpose as the agency rests upon the person borrowing the money. So, if you have a property under your name that you’d want to use as collateral, then it’s time you put it for some use. Once the technicalities are being greenlit, the money will be available to you. People often resort to LAPs to pay off medical bills, educational obligations and perhaps for a vacation too.
Availing LAP without ITR
There are a few things that you need to keep in mind before stepping into this territory since banks often don’t let their money out without income proof or ITR. But if you can follow these steps closely then there are chances to get your loan application approved in no seconds.
Documents that you’ll be needing
Passport size photos
bank statement of last 6 months
Talk to the relationship manager
If you are already having a savings account in the bank from where you are taking the loan from, you will be assigned with a relationship manager who will be there to guide you and answer the questions that might arise. Be upfront about your condition and make them understand that you were being unable to file ITR under certain circumstances.
A good Co-applicant
Even though you don’t get well with your family, make sure you add one of them with a spontaneous income flow and good credit score as your co-applicant, in this case, your application will look strong and well suited. Also, adding a salaried applicant will increase your chances of getting the loan approved.
Peer to Peer Lending
P2P or peer to peer lending is something that is common these days where the fund that is being raised through crowd-funding will soon be disbursed to its potential borrower. Interest rates may be higher which is again based completely on the risk factors that are there in P2P lending. So, this could be an option for you when you won’t be producing any valid income proof or ITR.
All of these tips can come in handy if improvised properly.