Can LAP be Availed Without Income Proof?


Can LAP be Availed Without Income Proof?

Loan against property is a secured loan that can be availed by people who are willing to keep an asset/property as a mortgage to their lender. The asset or mortgaged property can be anything from a house, personal land, or commercial property too. One advantage of Loan Against Property is that even though it is a secured loan, it can be used in the same way as an unsecured loan. The property is held as collateral until the whole loan amount is paid. There is only a transfer of interest and not ownership during the tenure of the loan.

In Loan Against Property, the amount you can avail is much higher as compared to other loans, and also the tenure is longer. It is usually 15 years with a low-interest rate. This low loan against property interest rate and long tenure attracts a lot of people to mortgage their property. 

LAP can be availed for reasons like business, buying machinery, procuring raw materials, getting new equipment, for using working capital and consolidating debt. The flexibility of this loan allows you to use it for personal matters like, higher education, wedding, buying a new property, covering medical expenses, home renovation etc.

Some Salient Features of Loan Against Property

  • High amount – One can get up to 1 crore to 6 crores for your property
  • Quick Approval – Your loan can be approved and processed in 72 hours and disbursed in just 4 days
  • Long Tenure – You can select your loan tenure to be anywhere from 2- 20 years.
  • Easy Documentation – Very minimal documentation is needed to get the loan approved

How to be eligible for a PNB housing Loan against Property

A very basic requirement is there to be eligible for PNB housing Loan against Property

  • For salaried individuals to be eligible, they must have at least 3 years of work experience. 
  • For self-employed people, they should have a business that is at least 5 years old and must be able to show their Income Tax Return for the last 3 years.

How can one avail a Loan Against Property Without Income Proof?

In India, there are a lot of people who still don’t have a bank account. Also, not many people can show their income proof due to working in the unorganized sector. On top of this, many people may be freelancers or unemployed at the time of availing the loan.  

If individuals want to avail a Loan Against Property without income proof or ITR he or she will have to fulfil certain documentation and meet different eligibility criteria. 

Applying with a co-applicant 

If your spouse, brother, son or any earning member is getting a regular salary and has proof of it then, they can apply as your co-applicant.


You can talk to the person in charge and explain why you don’t have your ITR and income proof. If you can convince them, you might be approved for the loan.

Talk to the Relationship Manager

You can also skip the people that you are talking to and ask the Branch Manager who will be responsible for sanctioning your loan and make a good case for yourself as to why you will be able to repay the loan in time without defaulting.

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