Do want a loan against your property? But don't have the required documents? A loan against property is a loan you get against the mortgage of a residential or commercial property or land. The market value of your property is assessed and accordingly the lender approves your loan if there are no legal issues. The major requirements to avail the loan against property are income proof and no legal complications.
Depending on the market value and the lender, the loan amount could range from 40 to 60 percent of the total market value. There is no restriction to use the loan amount and could be used for any legit purpose.
LAP is a secured type of loan as it is secured against your property. This is the reason why the loan against property interest rates is relatively low as compared to other unsecured types of loan such as a personal loan.
The to give the LAP any lender will ask you for the income proof when you apply for the loan even if you offer the collateral. The lender needs the assurance that you have a stable income to repay the loan. However, if you are one of those who do not have the complete documentation, here are a few things you can do to get LAP.
You can talk to the lender if there is any assurance that you will able to repay the loan on the given time.
Adding a co-applicant with a regular income and documentation might increase the chances of getting a LAP. Doing this can give the lender an assurance of your repayments. You can calculate your monthly payments using the home loan EMI calculator online.
You can approach the lender who provides loan against property without or with minimum documentation. However, such lenders might charge you higher interest rates due to less security.
Maintaining a positive credit score can up the chances of you getting the loan. A good credit history will be a positive factor in your favor, any time you apply for credit.
Getting a LAP without income proof can be a difficult task but applying for a loan against property can be a great way to get a loan to meet your financial needs without selling off your asset to raise funds.

Author's Bio: 

Home First Finance Company is offering affordable home loans for self employed people.