Any person can apply for a mortgage loan from a variety of banks.
The bank will only lend you money if you are able to prove that you have sufficient income to repay the loan.
Payment must be made promptly every month.
When you apply for a mortgage loan, the bank will require a stable work record and consistent repayment records for all financial obligations.
The loan is “secured” against your home until it’s paid off.
If you can’t keep up with your repayments the bank can repossess your home and sell it to get their money back.
It is therefore important to buy a property you can comfortably afford and to keep up with your monthly repayments.