Education loan with collateral but no ITR for co-applicant. Running out of time and don’t know what to do.
Hi everyone,
I’m in a really stressful situation and would really appreciate some advice.
I’ve been admitted to a master’s program in France and now need an education loan. The problem is with my co-applicant (my father).
Our situation is:
We own 3 residential/commercial properties:
1)One in a rural area (not sure of its current value).
2)One in a suburban area worth around ₹40–45 lakh.
3)Another property in a suburban area worth around ₹80 lakh–₹1 crore, which is about 90–95% complete.
My father’s current income includes:
1) ₹4,300/month from an Airtel telecom tower.
2) ₹3,400/month from a Jio telecom tower.
3) Around ₹6,000/month from a rural rental property (mostly paid in cash, sometimes online).
The nearly completed property is expected to generate around ₹21,000/month in rent. From what I know, Punjab National Bank has agreed to rent the premises for a branch once the construction is completed, although I’m not sure about the exact status of the agreement or documentation.
We also own 2 agricultural lands, but I’m unsure what documents are available to prove agricultural income in our area.
The biggest issue is that my father has never filed an ITR because most of his income has come from rent and agriculture, much of it in cash. We also don’t have formal rental agreements for some of the existing tenants.
I’m worried banks will reject my education loan despite us having genuine income and collateral. My university and visa deadlines are getting closer, so time is running out.
I’m honestly feeling stuck right now and don’t know what my next step should be. Any advice or experiences would mean a lot. Thank you.