Can You Get Loan with Income Proof

1. HEROHOUSINGFINANCELTD Can You Get Loan with Income Proof? People are in different stages of their lives. While for some people, the finances are settled and they feel that they can take on most financial obligations in life, for some, it may be different. The finances may not allow for some things and for them, getting a loan can be a good idea. But what happens if you have no income proof? Can you still get a loan? The answer is yes. Getting A Loan Without Income Proof There may be lots of reasons why you don’t have income proof. You may be a business person and hence you don’t have salary slips to show. You may have an independent business that does not give you the same income every month. Or it may be something else. For whatever reason, you don’t have any income proof to show. However, you can still get a loan even if that is the case. How? Here are a few simple ways you can do as such. 1.Show Your Income From Other Sources This is the most important way you can get a loan. You can showcase your income from other sources. For example, if you get rental income or you have a spouse’s income, you can show it to get a loan. You may also show income from an investment you made. 2.Your Credit Score Is High If your credit score is more than 750, then it is possible to get a good loan. If your credit score is not very good, then you can repair it using many different methods. A high credit score means that your creditworthiness is high and the chances of the bank or financial institution agreeing to give you a loan are high. 3.Loan Against Property Another great way to get a loan is a LAP loan without income proof. If you have a property in your name, putting it on the mortgage to get a loan is a great idea and it can help you get a loan even when you don’t have much income proof to show. This will ensure that you get a loan approved to use without any income proof.

2. 4.Getting A Co-Applicant Another useful way of trying to get a loan without income proof is to get a co-applicant. If you have someone in your family or known persons who are ready to sign on the loan with you, then this is a great idea. However, when you decide on such a person, make sure that person has income proof. This is something the bank is going to need. As you can well see, there are several ways you can get a loan even without income proof. Tips to Remember When Taking Such A Loan If you have somehow got a loan without income proof, then there are some things you need to do to make sure that it happens properly. •Pay EMIs Religiously: It is crucial to pay your EMIs religiously because if you don’t do that, it may create problems. Too many people have become loan defaulters by not paying their EMIs on time and causing problems for themselves. So, make sure you keep to the payment date and pay on time every month. •Keep Paying Other Debts as Well: It is very important to also make sure to pay your other debts as well. For example, if you have credit cards, their bills should be paid on time too. •Use Only as Much as Needed: Just because you have got yourself a loan, does not mean you have to spend all the money. For example, if you have got a loan to build a house, make sure it is used for the sole purpose of building your house. Using it for other purposes will mean that you are not fulfilling your own purpose. It may cause financial problems. To Summarise It is integral that you understand the LAP interest rate before taking on a loan without income proof. Loans against property are one of the best ways to get a loan because it means that your rate of interest is going to be lower. At Hero Housing Finance Limited, get both housing and non-housing loans of all types. They are India's leading provider of loans and they are reputed among people who are looking for stable loan options. HHFL–HomeLoanFeelFreetocall-1800-212-8800 https://www.herohousingfinance.com/ Email: customer.care@hhfl.com