A Loan Against Property is a secured loan offered by banks, NBFC & financial institutes. Require immediate fund? whether for personal purposes or business purposes opting for secured loan is the best, Loan Against Property Intrest Rate is provided at a lower and fair interest rate as compared to a Personal Loan or Business Loan.
Any individual who owns residential or commercial & with having a stable income can apply for Loan Against Property & enjoy minimal interest rates.
When borrower want to get a loan against their property, they should make sure all necessary documents, credit history, repayment capacity as well as marketability of the property are proper to avoid any kind of loan rejection at the time of application.
Loan repayment period:-
Loan Against Property can be repaid up to 12 months to 20 years, though the tenure varies from one lender to another.
Also Read:-Home Loan Process
Documents required for Loan Against Property
There are the documents you need to submit for all applicants / co-applicants along with the completed application form for loan approval.
- Proof of identity and residence
- proof of income
- property related documents
- Other necessary documents
How to apply for Loan Against Property without Income Proof?
When you will apply for a Loan Against a Property you should keep your house as security to obtain this loan, most of the banks will ask you to provide proof of income. If you are not working and unemployed this can be challenging and difficult to get a loan.
If you want to take a loan without any proof of income, the process is huge and required some additional requirements. Well banking history improving your chances of getting a loan Rather than opting for higher loan amount, choose smaller loan amount as it will increase your chances of approval.
The strategies are given below can assist you in obtaining a Loan Against Property without income proof:-
- Submit an application with co-applicant
- Verify your banking experience
- Speak to your relationship management
- Justify the reason behind not having income proof
- Select a lower loan to value (LTV) Rate
Apply Now:-Bank Guarantee
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