What is a real estate appraisal and how does it work?
Banks apply various methods to gauze a borrowers’ creditworthiness, before they approve their home loan applications.
Since a lot hinges on the property’s value in a home loan, they also carry out several checks on the unit in question, to arrive at its fair value. Based on these factors, the bank decides whether or not it will lend money to you, the amount of the loan, the repayment tenure, etc. Real estate appraisal or property appraisal is a key step in that direction.
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