How to Get a Loan Against Property Without Income Proof?

Tips to Get a Property Mortgage Loan Without Income Proof

1. Last three years' Income Tax Returns (ITRs)

   This document provides a comprehensive view of your income. For assessing the borrower's income stability, consistency, and growth potential, this document helps.‌ We also accept proof of identity documents, such as PAN Cards, Aadhaar cards, Driving licenses, Voter ID cards, Passport, etc. Once we have all that to assess, the property's value is determined. This is why we also ask for documents such as title deeds, property tax receipts, sale deeds, possession letters, etc. We need these documents to ensure that the property is legal, registered, and unencumbered to determine its market value. We even ask for property photographs to determine its condition and value. We also need proof of existing loan, if any, against the property to assess the borrower’s repayment capacity. Finally, we ask for a legal report of the property to check for any.

2. Income Statement

   An income statement provides a detailed breakdown of your business revenue and expenses over a specific period. It helps us understand the borrower's financial performance, profitability, and cash flow. We use this document to calculate the borrower's debt-to-income ratio. So if you are still enquiring about “Loan Against Property without income proof near me”, we are here to help you. As income proof is a crucial metric for determining loan eligibility, we use different documents like income statements to get you going with your loan application.

3. Profit & Loss Statement

   Similar to an income statement, a profit and loss statement provides a detailed view of the business revenue and expenses. The only difference is that here the focus is on the profit or loss the borrower has generated over a particular period. This document helps determine the borrower's business profitability and growth potential.

4. Balance Sheet

   A balance sheet provides a snapshot of the borrower's financial position at a particular time. It gives us the details of the borrower's assets, liabilities, and equity. And using this document, we assess the borrower's financial stability, liquidity, and solvency. And these things matter when we are considering lending someone a lump sum.

5. Bank Account Statement (previous six months)

   A bank account statement is a record of all the transactions that have occurred from your account over the past six months. When you submit this to us, we will evaluate the same to understand the borrower's cash flow and financial behaviour. This document provides insights into the borrower's ability to meet repayment obligations as we are providing LAP without income proof.

6. Business Continuity Proof (for three years)

   Our Loan Against Property eligibility verification process requires this document for evidence of business continuity. It helps us assess the borrower's ability to sustain operations and generate revenue over extended periods.‌ A business plan is an outline of your business goals, strategies, and operational plans. This document provides further insight into the borrower's business and its financial prospects. It helps us, the lender, understand the projected cash flow of your business.

7. Business Credit Report

   This document assesses the borrower's creditworthiness and repayment behaviour. It helps us understand the borrower's past credit usage, repayment behaviour, and credit score. Those under the impression that a Loan Against Property without a CIBIL score is possible, think again! Every lending institution, including Hero FinCorp, requires a credit report to approve a loan application.

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