Planning to take a loan against property? Irrespective of when you want it, where you live, and how well you know the banking industry; below are six questions - six inevitable and highly important question you must ask yourself before submitting your mortgage loan application.
Do you need really need it? First and foremost is to contemplate the need and find out if there’s an alternative solution: an affordable one wherein you don’t have to mortgage your property. If the answer is no and you really require additional financial assistance, go ahead and start shopping around on the internet for different options.
Is the scheme you’re planning to take in accordance with your needs? Once you start searching you’ll come across different schemes offered by different lenders. Having plethora of options right in front of you might overwhelm you, but stay calm. Compare all your options and find the right fit.
Is the lender credible? Moving on, read some reviews and do some research to find out if the lender is credible.
Are you eligible? Again, you won’t be approved for a loan if you’re not eligible for it. So, check your loan eligibility.
How much you want to borrow? In addition, find out how much you need to borrow. Don’t borrow less than what you need, and certainly not more than what you need.
Do you have the required documents with you? Lastly, check the list on the lender’s website and find out if you have all the documents available with you.