With numerous incidents of fraud and default on loans, financial institutions have become quite strict in matters of document verification's. Nevertheless, borrowers who want to avail loan against property without ITR still have a few options which they can avail. These options are discussed below in detail.
Co-applicant or guarantor: Applying with another individual or having a guarantor for a loan application can help in approval, even if the primary applicant does not have ITR documents. It is important to note that the co-applicant should preferably have the ITR documents to ensure that the loan against property is easily approved.
Low LTV ratio: A loan application with a low LTV ratio can help in approval if an applicant does not have the necessary ITR documents. The property used for mortgage against a loan is evaluated to determine its loan-to-value (LTV). LTV is the ratio of the value of a property to the percentage which is offered as the loan. Lower LTV reduces the risk for a loan against property lender, thereby increasing chances of approval.
High CIBIL score: Having a high CIBIL score helps in loan approval since lenders consider these individuals to be low-risk. With the high credit score suggesting a low risk of default, lenders often approve loan against property without ITR to individuals who have a very high score.
Individuals who intend to apply for a mortgage loan without any ITR documents can avail any of the above options. They should also keep in mind that extensive approval depends on the discretion and company policy of the financial institution.
Co-applicant or guarantor: Applying with another individual or having a guarantor for a loan application can help in approval, even if the primary applicant does not have ITR documents. It is important to note that the co-applicant should preferably have the ITR documents to ensure that the loan against property is easily approved.
Low LTV ratio: A loan application with a low LTV ratio can help in approval if an applicant does not have the necessary ITR documents. The property used for mortgage against a loan is evaluated to determine its loan-to-value (LTV). LTV is the ratio of the value of a property to the percentage which is offered as the loan. Lower LTV reduces the risk for a loan against property lender, thereby increasing chances of approval.
High CIBIL score: Having a high CIBIL score helps in loan approval since lenders consider these individuals to be low-risk. With the high credit score suggesting a low risk of default, lenders often approve loan against property without ITR to individuals who have a very high score.
Individuals who intend to apply for a mortgage loan without any ITR documents can avail any of the above options. They should also keep in mind that extensive approval depends on the discretion and company policy of the financial institution.
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