When you go to the bank and apply for a loan it may ask you to submit several documents to verify your eligibility of taking the loan and repaying it. If you don’t have such documents that can assure the lender of your eligibility, there is a high chance of cancellation of the loan. In that regard, you need to know that there is a special type of the loan known as the low doc property finance loan which is basically rendered to self-employed people. Else those who are ineligible to apply for the documents or are denied due to lack of adequate documents can apply for this loan without any ambiguity in mind. Thus, let see what the benefits of having this loan are.
- No paper proof needed: The best benefit that you get by applying the low doc property finance loan is that you don’t need to submit any paper proof like a Payslip which is a must for salaried individuals. In addition to that, also do not require to provide any kind of documentation in regards to tax returns. Thus, it is easy and completely hassle-free for self-employed professionals.
- It is flexible: For self-employed borrowers, they always believe to rely on loans like low doc property finance which is flexibly designed. It means that the borrower has the full liberty to choose the loan provided with diverse low to value ratio. In addition to that, you can also look for the loan that befits your need in particular. Sometimes, you are disapproved from having the loan for poor credit score. In that case, too, you can apply for this particular type of loan, and you are likely to be approved because there is a scheme, which grants you the loan irrespective of the credit score.
- Wide options: If you are looking for the low doc property finance, then you should explore a bit on the available options. To your surprise, lots of options are there. Depending on that, you can choose either the variable or the fixed-rate that apply the best for your need. You can also try the line of credit option as well. Therefore, there is no such thing that can restrain you from getting the loan in reality. Additionally, you need to know about the fact that a low doc loan has the option for a traditional mortgage. But in that case, it is not necessary for the borrowers to settle the mortgage with any item that does not seem to fit his need.
- Treated like other loan seekers: Normally self-employed people bear this myth in the mind that somehow they are like fish out of water when it comes to taking the loan. That means they have a pre-thought that they would be denied to have the loan. But the emergence of the low doc property finance has completely wiped out the myth. In reality, you can have a position in the market just like all other loan seekers.
- Suitable mortgage product: A self-employed person can’t take leverage of receiving a payslip at the end of the month. Therefore, at his best, he has to arrange something daily or every week. Now depending on that he can choose the mortgage product that suits his type of earnings. In that context, note that that there are certain mortgages which are particularly tailored keeping your needs in mind so that you would be able to repay the debt easily.
- Customized option: Since you are self-employed, so you might have the problem of choosing a particular loan type, but for convenience, the banks offer the option of customizing the low doc property finance, loan at once.
Hence, the above jotted are some of the benefits that you can take from the low doc property finance loan.