I am seeking to buy the skill for about 17,500 prior to the down payment. I am wondering what is the longest length debt which many banks will financial such the low amout for?
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IT DEPENDS ON THE BANK AND ITS LEGAL SECTION, WHO
SCRUTINIZE, VERIFY YOUR CREDENTIALS AND SECURITY
OPTIONS THAT YOU MAY PROVIDE THE BANK AGAINST THE
LOAN.
HOWEVER, YOU MAY FORECLOSE THE ACCOUNT EVEN BEFORE
THE TENURE FIXED BY THE BANK. SHOULD YOU LIKE TO EXTEND
THE PERIOD OF REPAYMENT, YOU CAN APPROACH THE BANK ON
PAYMENT OF A FEW INSTALLMENTS AND GET THEIR PRIOR
APPROVAL FOR SUCH EXTENSION.
Each lender has their own set of rules and guidelines as a company, so you are going to have to search them out. You may have a problem finding a lender to lend on that small amount of money. What you need is an investor.
Mortgages are never given on cheap properties. the lowest mortgage available is 50k
You will need to apply for a personal loan. 5 yrs
Some lenders will give mortgages on inexpensive properties under $50,000. Lenders working on commission generally will not offer them, it is too much paperwork for them. But a lender paid hourly may do this. The terms depend on the lender.