Low Doc Home Loans Are In Trend Nowadays To Apply Without Usual Documentation

No doubt, low doc loans are more beneficial as compared to the standard loans as it requires very little documentation to get it. Moreover, the interest rate offered is same as that of traditional loans. This loan is specifically designed for those who cannot provide the required paperwork such as tax returns and financial statements. Thus, it is proved as an excellent loan type to make enough to fund your retirement.

The undeniable fact is that retirement is one of the most important life events that we will ever experience. Thus, from both perspective and financial point of view the retirement must be comfortable. A comfortable retirement requires sensible planning and years of persistence. Availing the low doc home loan is the best alternative to plan your retirement in an effective way. 

 

Before going for it, it is important to know the types of low doc loans that you can avail anytime. These include:

• Account statement: This type of loan asks for your income proof, may be in the form of letter from your accountant. Moreover, the interest rate in this type is higher than the standard loan. 
• Asset land: It does not ask for any document or proof of income but it is given on the security of your property’s value. The interest rate for this type is a bit higher. 
• Self-declared income: It is considered the most common type of low doc loan. You just need to submit a signed proof of your income and you can avail a loan of up to 80% of your property value. The interest rates are quite similar to full doc loans.

Just to make sure that you can easily avail the low doc loan, you just need to qualify for the eligibility criteria: 

• You must have a clear credit history.
• You are expected to show that you retain at least 20% equity in the security. 
• You need to sign an income declaration form if you cannot provide the source of income. 
• You can easily get these loans from banks or from non-bank lenders

Everyone dreams of having his property after retirement, the place where you will spend the rest of your life. You obviously want these days to be amazing and tension free. Thus, low doc home loans are the excellent source to have enough wealth to make your own home.