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5 Tips To Avail A Loan Against Property Without Itr
Worried about not filing your ITR in the past. Well, it is an important step and one must not miss it in order to maintain a good financial health. But if you need to take a loan against property but don’t have an ITR, fret not, getting a loan against property without ITR may be difficult but it is certainly not impossible.
Tip 1: Talk To Your Relationship Manager
If you hold a savings bank account, you must be having a relationship manager assigned. He/she is ideally your point of contact for any concern that you may have. You can simply walk into your bank and ask them to connect you to your relationship manager. You can try assuring him that you will be making the payments on time and request them to process your loan.
Tip 2: Add A Co-Applicant
If someone in your family has a good credit history and regular income, you can add them as a co-applicant. This increases your chances of loan being approved. You can also check your loan eligibility before login and prepare yourself accordingly.
Tip 3: Explain Your Income Clearly To Your Officer
In case of a loan against property or a housing loan without itr, an officer from the lending institution will visit the property for inspection. It is important that at this time you explain your income details and let them know that you don’t have an ITR. The officer will consider all the provided information to calculate your repayment capacity.
Tip 4: Justify Why You Don’t Have the Documents
As we mentioned above, filing an ITR is vital. If you have not done so in the previous year, try giving a genuine reason to the officer. Also consult a tax consultant right away to file your taxes for present year.
Tip 5: Consider Peer-To-Peer Lending
It is an increasingly popular concept these days. here, funds are raised by crowd funding and disbursed accordingly to suitable borrowers with interest rates. while the interest rate may be higher considering the risk factor, it is surely a good option if you don’t have an income proof.
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