3 Important Points of Obtaining Loan Against Property without ITR


The majority of the people who don’t have an income proof or ITR ask about how they can get a loan against property. Well, you can apply for home mortgage loans without showing your income tax returns. But the process is rather complicated, and you need to boast all the necessary documentation that the lender asks. You may need sudden access to surplus cash and a loan against property is the best way to fulfill your monetary needs, especially during a financial crisis. With the current attractive rates in market like PNB housing finance interest rate, you can enjoy hassle-free repayment. It is way better than availing a personal loan, particularly if you are looking for a large amount.

Here is everything you need to know about availing a loan against property without providing your income tax returns.

Getting LAP without ITR

Please note that the majority of the lenders in India don’t sanction a loan without income proof or ITR. Showing ITR means that you are a regular earner, and there will be no problem when it comes to loan repayment. But, there is an exception, and you can get a LAP without showing ITR. First, you will have to check your Loan against property eligibility using an online calculator before applying for the loan. After that, consider the following steps:

#1 Apply for a loan with a co-applicant

It is okay if you do not have an ITR to show. You can simply add a co-applicant and get the loan. This is the best way to get a LAP without ITR. If anyone from your family earns an income, you can add them as a co-applicant for the loan. It can be anybody from your spouse, father, mother, sister, or brother. Adding a salaried co-applicant will increase your chances of getting a loan and lessen the burden or loan repayment if you are currently unemployed or there is a cash crunch.

#2 Approach the lender with which you already have an account

Another tip to get a LAP without ITR is to avail loan from a lending institution with which you have a savings account. The lender already knows personal and financial details. If you are able to assure or convince the lender with the right facts and documents, they may sanction you the loan. It only works best if you have a strong relationship with the lender in the past. Since the lender knows your credentials, they might be able to come up with a personalized plan specifically for you.

#3 Explain your income source to the lender

When you apply for Loan Against property, the lending institution will send in some officials to inspect the property against which you are taking the loan. At this time, it is very crucial to explain your income details to the lender so that they remain informed throughout the tenure.

Last but not least, you need to justify why you don’t have the necessary documents. If you have failed to file the ITR for the previous year for some reason, explain it to the lender.


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