1) What are the factors that affect my chances of getting a mortgage for the desired property ?
The factors that affect the acceptance and the appropriateness of a mortgage deal includes:
The type of property
The loan amount
2) What are the factors that are looked at when paying back ability of the borrower is judged?
The other financial liabilities of the buyer like repayment of debts on the credit cards, for instance, the laws outlined by the Central Bank allow no more than fifty per cent of the total income for the repayment of debts.
The value of the income that deposits in the account of the buyer in current scenario and type of income; part time, contract, permanent etc.
Amount of loan taken in comparison to the total cost of purchasing the property
Lifestyle factors that affect the credibility, for e.g. , family members who are dependent on the buyer for their survival
Form of loan that has been requested by the applicant
Expenses of the buyer on day to day basis
Amount of savings in the account currently and investments of other forms
3) How Can I Arrange A Mortgage Property?
Most major developers have agreements with banks and financial institutions offering from 60 % for non –residents and about 97% on certain developments.
4) What Are The Insurance Requirements For Mortgage Loan Requirements?
Many banks require a life insurance policy. For completed properties, some banks offer competitive property insurance for the ease of mortgage customers.
Life & Property Insurance are mandatory.
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