No doc development finance, sometimes also referred as low-doc loan, is a form of loans that doesn’t require a borrower to disclose about their income. In other words, the type of loan could be described as a financial product where mortgage lenders do not ask customers to provide records of their income. No documentation loan can be provided as a mortgage loan. If you do not want to disclose your income and financial statement to the banks or financial institutes, then you can apply for these loans. Apart from that, you can also apply for the no documentation loan by producing your credit cards. So, lenders can easily check your credit score through your credit card statement, and they can provide you limited amount of loan against your credit card. Apart from that, there are also some loans provided by lenders where few government subsidies are applicable, and if you are eligible for these loans then you can avail these subsidies without any documents.
Important Things to Remember While Considering No Doc Development Finance:
The finance market is full of companies that claim to provide no doc development finance easily and without any hassle, but the reality is far from the claims.
Money, borrowers and rate of interest matter:
Why do you avail the no-doc loan?
These loans do not have supporters from banks and mortgage broking companies. In addition, they are usually criticized for their odd regulations and terms.
In many cases of this loan type, lenders allow an interested borrower to provide evidence in the form of their account declaration, or by providing bank statements to the lender. These types of evidence are called as supporting evidence.