What is a mortgage loan?
Banks are financial institutions that lend out money against certain interest rates
Any person who has a clean credit record can apply for a mortgage loan
The bank will only lend you money if you can prove that you have enough income to repay the loan
Payments must be made promptly every month
When you apply for a mortgage loan the bank will require a stable work record and consistent repayment record of all financial obligations
The loan is “secured” against your home until it’s paid off
If you can’t keep up your repayments the lender (The Bank) can repossess your home and sell it so they get their money back
That is why it is important to pay back your loan regularly as required by the bank, and that you buy a property that you can comfortably afford.
Get your dream house with minimal fuss:
OWN YOUR HOME’s professional personnel offers valuable advice when it comes to buying your first home.
Contact us at 087 813 0001 or leave us your contact details for a free call-back.