Have you been wondering about giving your old home a new touch?
Architectural designs and trends keep changing with time. Hence, it is plausible to think of giving your old home a new look
Moreover, like any other thing, your home also requires maintenance. It needs repairing, refurbishing to maintain its beauty and elegance.
Here in this article, we will discuss everything you need to know of availing a home improvement loan without income proof.
Keep the following factors in mind to avail of a home improvement loan without income proof. Read on to know more.
#Clear all your dues on time:
If you own a credit card and pay all your dues on time, then you are likely to get an approval for the loan instantly. Clearing off debts not only helps in lowering the interest rates but also reduces the debt burden.
#Maintain a good credit score:
A good credit score gives the lender a sense of assurance regarding timely payment of EMIs from your end. Remember, a low credit score can lead to loan rejection or approval at a high-interest rate. On the other hand, having a good credit score makes you eligible for affordable loan interest rates and other beneficial terms with the lender.
#Elaborate your income to your representative:
In case of lack of income proof or ITR, you must specify your income source and why you do not have the necessary documents. Always make sure to provide the information in detail because the final decision is likely to depend on the information you provide.
#Apply with a Co-Applicant:
Assigning a co-applicant or a co-signer increases the chances of your loan approval quickly. If your mother, father, brother, son, spouse, or unmarried daughter is an earning member with valid income proof, you can avail home improvement loan with the co-applicant. In such a case, lenders will consider the repayment capability of your co-applicant while determining loan interest rates and the loan amount.
These are some of the steps that will help you improve your chances of availing a home improvement loan. Consider these pointers to avail the loan at an affordable interest rate to repay them with ease