Home Loan without Income Proof / ITR

Great news for anyone looking to buy their first home! Even if you don't have formal proof of income, you can now become a homeowner. Whether you work as a daily wage labourer or in the informal sector and receive cash as your monthly salary, you can apply for a hassle-free home loan with Urban Money. Given the skyrocketing housing prices, a minimum standard of living and good quality living conditions have become a major concern. Every person on this planet has a fundamental need for a place they can call their own. Unfortunately, many people cannot meet this need because they lack stable employment and income.

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Thejus KS
Thejus KS
A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
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Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Last Updated: 26th September 2024

What is exactly the meaning of No Income Proof?

In developing countries like ours, a significant portion of the population falls into the LIG (Low Income Group) and EWS (Economic Weaker Group) categories, often ignored whether it is food, healthcare, education or basic banking. To cut to the chase, there are approximately 15 to 20 million unbanked people, and many do not have verifiable proof of income. This means they have some income but cannot prove it on paper. This can be due to various reasons, such as being employed but paid in cash or operating small businesses that are not properly registered. Examples of such profiles include a machine operator in a factory or an autorickshaw driver. Small traders and business owners, like the Kirana shop in your mohalla or the pani puri wala you rush to every evening, may not have access to any financing, let alone easy home loans. Although they need payback, they are unaware of the opportunities the market offers them.

How exactly does this work? 

In reality, it is possible to get a home loan without providing proof of income. Urban Money understands this and aims to simplify the process for consumers. Instead of overwhelming them with a long list of documents and complicated procedures, Urban Money provides a better solution for getting a loan without documentation.

Urban Money believes relying solely on documentation is not the best way to assess a customer’s reliability. They don’t think that a pay stub can determine whether or not a consumer will be able to repay the loan. A salary slip is just a piece of paper that shows how much the customer earns. Instead, Urban Money has developed a financial solution considering the customer’s intentions and ability to repay the loan.

Documents Required to Get a Home Loan Without Income Proof or ITR

Borrowers, despite their ability to repay a loan, are unaware of the options available in the market. They believe that without proper documentation, they will never be able to secure a home loan from a traditional bank, which they perceive as the only way to finance a property purchase. However, they are unaware that affordable housing financial institutions like Urban Money can assist them and help them achieve their goals. The misconception is that banks typically require borrowers to provide numerous documents to ensure repayment capability. However, this myth is debunked by institutions like NBFCs, which cater to specific segments of society and offer loans without needing income verification. Home loans without documents mean borrowers cannot provide proof of assets, income, or employment.

List of Banks offering home loans without income proof with Interest Rates

Here is a list of banks that offer home loans without requiring income proof, along with their respective interest rates:

  • Union Bank of India: Interest rate starts from 8.35% per annum.
  • SBI: Interest rate starts from 8.40% per annum.
  • Bank of Baroda: Interest rate starts from 8.40% per annum.
  • Punjab National Bank: Interest rate starts from 8.55% per annum.
  • Punjab & Sind Bank: Interest rate starts from 8.50% per annum.
  • Bank of India: Interest rate starts from 8.50% per annum.
  • UCO Bank: Interest rate starts from 8.45% per annum.
  • Bank of Maharashtra: Interest rate starts from 8.50% per annum.
  • Canara Bank: Interest rate starts from 8.65% per annum.
  • Indian Overseas Bank: Interest rate starts from 8.85% per annum.

Frequently Asked Questions (FAQs)

How can I get a home loan without income proof?

Applying for a home loan without income proof or an Income Tax Return (ITR) is possible. Certain financial institutions offer this option, allowing individuals with irregular cash income to become homeowners. Online platforms like Urban Money can be explored for this purpose.

Can I get a home loan with a cash salary?

Yes, it is possible to obtain a home loan even if your salary is paid in cash. Urban Money provides simple home loans specifically designed for individuals who work in the informal sector and receive their monthly salary in cash.

Can I get a loan if I have no income?

It may be challenging to secure a loan without any source of income. However, some lenders offer no-income-verification mortgages, where eligibility is determined based on bank statements or other relevant documents.

How do you get a 50k loan without income proof?

Obtaining a loan without income proof, especially for higher amounts like 50k, can be difficult. However, options such as personal loans or microfinance institutions that consider factors beyond income proof can be explored.

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