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Getting home loan without documents – a myth or a reality?

So many eye catching advertisements about getting housing loan without itr are quite impressive. But is that a myth or an actual reality. ITR, salary slips and other financial records are quite time consuming to begin with when it comes to arranging them, but they are often required for loan approval.

So, it is fairly obvious to wonder whether such advertisements are fake? How is it possible to get home loan without necessary documents?

The truth behind home loan without itr

First of all, it is important that we understand what “home loan without documents” actually means?

This is often known as no income, no employment verification and no asset offers by some financial institutions to home loan borrowers’ in order to get their home financed. Or in simple terms, to get a home loan.

But, no lender can sanction you any money without the mandatory verification. Of course there are banks and other institutions that can offer home loan with less documentation but it does include some other important factors.

One can get such loans by keeping a previously owned property as a collateral. Loan against property is one beneficial offer that you can avail from financial institutions like INRCredit. But if you do not have a property to be kept as a collateral. Fret not, getting a home loan for salaried person is still a possibility by paying a slightly high rate of interest.

Another important factor to be kept in mind is that lenders often take some time to approve your home loans, usually three or more working days. While no institution can offer you home loan in five to ten minutes, but once approved, you can get a sanction letter quickly. The loan disbursal however takes some time. Hence, it is important to understand what exactly a home loan sanction letter means. It is totally different to disbursal of loan. The letter implies that the applicant is eligible to receive home loan from the said lender.

Home loan without itr can be segregated into two types:

1.    No Ratio Home Loans

In this case, the seekers of home loan do not have to disclose the details of their income to the lender. Hence, there is no way for lenders to find out the debt to income ratio. Self-employed personnel generally prefer these loans.

2.    Unorganized Sector Home Loan

The basic difference here is that this type of home loan is good for people who have a bad credit score or have gone bankrupt. Keeping these considerations in mind of people of low income group or with instable income, these loans are available at a higher rate of interest.

Once decided, it is important to tap on the right offer suitable for their needs and decide what works best in their situation.



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