Q&A: HOW LONG WILL THE BANK FINANCE A CHEAP PROPERTY FOR?
Question by Rob C: How long will the bank finance a cheap property for?
I am looking to buy a property for about 17,500 before the down payment. I am wondering what is the longest length mortgage that most banks will finance such a low amout for?
Best answer:
Answer by RAO M.K.
IT DEPENDS ON THE BANK AND ITS LEGAL SECTION, WHO
SCRUTINIZE, VERIFY YOUR CREDENTIALS AND SECURITY
OPTIONS THAT YOU MAY PROVIDE THE BANK AGAINST THE
LOAN.
HOWEVER, YOU MAY FORECLOSE THE ACCOUNT EVEN BEFORE
THE TENURE FIXED BY THE BANK. SHOULD YOU LIKE TO EXTEND
THE PERIOD OF REPAYMENT, YOU CAN APPROACH THE BANK ON
PAYMENT OF A FEW INSTALLMENTS AND GET THEIR PRIOR
APPROVAL FOR SUCH EXTENSION.
What do you think? Answer below!
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