- Whether it can be mortgaged or not if you want to take the loan with your immoveable property as collateral, in that case, bank’s representative will verify your property and prepare a report.
- Also, the bank’s representative will assess your premises. Predicated on this report, the mortgage amount shall be authorized.
Role of a Guarantor
Learning to be a guarantor for the loan is a responsibility that is huge the guarantor could have an appropriate responsibility to cover just in case the borrower defaults on their re payment. Then the bank may ask for a guarantee by a third party if the loan amount exceeds INR 4 lacs.