Can You Apply For Home Loan Even Without Income Proof

1. Hero Housing Hero Housing Finance Limited Finance Limited Can You Apply for Home Loan Even Without Income Proof? Most Indians dream of buying their own home. Many make it happen early in life and some have to wait to have their dream fulfilled. If you are thinking of getting a home loan, the easiest way to do so is to have ITR or Income Tax Return. But what do you do if you don’t have ITR? Will you not be able to avail of a bank loan to buy a house? Well, you can. There are ways and means of obtaining such a loan even without having an ITR. This blog explains how. 1.Do Your Homework: The first thing you need to do is to find out all you need to about the process. The best place to start is online. You can get a whole lot of information about people getting home loans from financial institutions even without ITR or income proof. Find out ways you can make this happen. 2.Talk To an Expert: The next thing to do would be to talk to an expert. If you are planning to take a loan from a particular financial institution, talk to the relationship manager assigned to you. He will be able to guide you through the process and tell you all you need to do. Since you don’t have ITR, you will be required to submit other documents to prove your financial status. 3.Consider A Joint Loan: This is a very smart thing to do and is perfect for people who don’t have income proof. If your spouse has ITR, you can take a loan jointly with him. He will be the co-applicant for the housing loan and he will be taking on all the liabilities for the purpose. If not a spouse, a joint loan can be taken with a sibling, a parent, or another close relative. This makes the process of getting such a loan from a financial institution an easy one because both incomes will be taken into consideration. However, if you are planning to take a joint loan, there are a few things to keep in mind: ✓Do not ignore the paperwork involved in the process. Make sure everything is filed in properly so that you can take advantage of the tax benefits you will be able to get. ✓Make sure that the person you take out the loan with is dependable. You don’t want to be in a situation where you can’t agree on repaying the loan you take.

2. 4.Consider Loan Against Property: This is another way of availing a housing loanif you don’t have ITR. If you have a property in your name but don’t want to sell it, you can get a loan against it. This is a type of loan that is secured by a mortgage on a commercial or residential property you have. It may also be a plot of land you can get a loan against. You will have to submit the paper of the property you want to get a loan against with the financial institution. The loan amount you get will be according to the current market value of the land. 5.Have Good Banking Practices: It is important to have good banking practices if you are going to take a home loan. This means that it is critical to have a good bank balance every month even if you don’t have ITR for some reason. You have to maintain a strong balance for the financial institution to approve the loan. Financial institutions will typically check your bank statements before approving a loan. This happens even if you have ITR and more so in case if you don’t have ITR. So, make sure to maintain strong banking practices if you want to apply for home loan online. 6.Speak Frankly: It is also a good idea to speak frankly with the financial institution and let them know of your lack of ITR at the beginning itself. Conclusion If you are looking for a housing loan and do not have income proof to show for some reason or another, choose a trusted financial institution like Hero Housing Finance. They have low-interest rates on different types of loans and they are the perfect financial advisors you need by your side in India. HHFL – Home Loan Feel Free to call - 1800-212-8800 https://www.herohousingfinance.com Customer.care@hhfl.com