A loan against property(LAP) is a secured loan sanctioned against the borrower’s property as collateral.
Financial institutions require income proof to gauge the repayment capacity of the borrower. Although you cannot get a Loan Against Property without these documents, the following tips may help.
Specify your income source to the financial institution’s representatives. They will weigh your repayment capacity and decide whether or not to sanction the loan.
Maintain a decent monthly bank balance to prove you’re not a risky borrower.
If you have been a loyal customer with a bank over the years with your KYC done, then the officials can help you obtain a Loan against property without many documents.
An LTV is the property’s value offered as a loan by the lender, financial institutions may skip rigorous documentation if the LTV is low.
If you have been a loyal customer with a bank over the years with your KYC done, then the officials can help you obtain a Loan against property without many documents.