Buying a house, whether it is your first or third, can be daunting. Especially when you know that you are not cash-ready for it. Real estate investments are making all the waves right now and it seems like if you are not getting your slice of property, you are missing out. And trust us, you are. But you don’t have to wait till there are several zeroes sitting in your bank account before you make a home purchase. Personal capital is not the only way to finance a home purchase, if you are ready to become a homeowner, here are a few other ways to get the property you want without stretching your personal finances for a full down payment.

1. Find a private lender

While most people wouldn’t recommend mixing money and members of your social circle, it may be just what you need to finance your real estate purchase. A private lender (within context) is an individual, which is usually a friend, family member, or colleague, who has the capacity to fund your property and is willing to loan you the capital. The two parties, you and the private lender, agree on terms such as duration of payment, interest rate, and the documents you tender as collateral for defaulting. Private lenders usually provide loans at lower interest rates than financial institutions who specialize in loans and mortgages. Look within your social circle for anyone or a group of people who can pool the funds to help you secure prime real estate and pay back at an agreed and comfortable rate.

2. Apply for a mortgage

If you can’t find a private lender, you may have to go for the close alternative of applying for a mortgage. Similarly to the private loan, a mortgage involves using your property as a guarantee for a loan from a financial institution or government parastatal. There are housing schemes by some financial institutions that offer a capped amount for potential homeowners to take out mortgages for their homes and pay back at fixed rates. Applying for a mortgage usually involves more paperwork and a longer process than getting a private loan. However, it is more secure thanks to the institutional nature. The terms of a mortgage cannot be randomly changed, unlike a private lender that may switch up on you because of a disagreement.

3. Go the installmental route

Real Estate Brokers and Property Developers have payment plans for lands and properties, now more than ever. You can put a down payment as low as N200,000 towards a property and continue installment payments to become a homeowner.

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