The loan against property gets you the funding to meet varied personal and business requirements. It is a multi-purpose loan and used for business expansions, wedding expenses, education, and vacations etc. and these days you can also avail pmay facility with which you can save some amount of your total loan. If you ever apply for LAP in any bank or with a private lender, you must submit a set of documents in order to process the loan application.
It becomes very difficult to get a LAP without proper income proof and other related documents. But there are ways and lenders who can give you the LAP without or with minimum paperwork.
Here are a few tips which can help you get a loan against property without income proof.
Clear communication with the lender:
A credit officer may visit your property to discuss your application with you. If you do not have an income proof such as salary slip or income tax return, it is best that you explain the sources of income with other valid documentation like sales receipts or inventory positions etc. This will help the credit officer to assess your income calculation.
Good CIBIL record:
It is of utmost importance that you maintain a good credit score to get a loan of any type. It is even more important when you do not income proof. A good CIBL history will increase the chances of you getting a loan. Good credit history means to maintain your relations with banks, regular repayments of your past loans etc. You can check your credit score and loan against property eligibility online to get a better understanding.
Add a co-applicant:
It is always a good idea to add a co-applicant to your loan. A co-applicant with good financial position and credit history would increase the comfort of lending companies. A co-applicant can be any family member or close friend.
Getting a LAP without income proof isn't easy but following the above tips can get you the loan to fulfill your dreams.

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