Ladies and gents your sincer advice is needed here pleAse

Realistic and constructive advice and verified suggestions are welcome

You can also reach him personally on 08076183377
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Thanks guys

Reach him personally ?

I hope you know some ppl do charge on a per-minute basis during consultation?

My humble advice:

He should "build" instead of "buying"

mxxpunkxx1:
Reach him personally ?

I hope you know some ppl do charge on a per-minute basis during consultation?

My humble advice:

He should "build" instead of "buying"

Your humble advice received with thanks but dat means he would be paying rent and building at d same time

hadizasaf:


Your humble advice received with thanks but dat means he would be paying rent and building at d same time

Yes, a 4-bedroom bungalow can be erected from start to finish in about 3 - 4 weeks; if the whole cash is down
So he can stay with a friend, a relative ( brother, sister, aunt, uncle, mom, dad, family house) or just anybody for that duration of time
Building offers him the opportunity to live in a house according to his taste and design . . . and is way cheaper than buying !

mxxpunkxx1:


Yes, a 4-bedroom bungalow can be erected from start to finish in about 3 - 4 weeks; if the whole cash is down
So he can stay with a friend, a relative ( brother, sister, aunt, uncle, mom, dad, family house) or just anybody for that duration of time
Building offers him the opportunity to live in a house according to his taste and design . . . and is way cheaper than buying !

The guy is married oh with kids

hadizasaf:


The guy is married oh with kids

Doesn't matter. When you want to achieve great things, you have to inconvenience yourself for a period of time.
Let him move to his family's house for just 3 - 4 weeks. It won't hurt
The family would even be happy to assist him, because they know after just 4weeks or so, he's becoming a landlord

Yes he can by borrowing from banks or mortgage companies then he can repay back by paying mortgage monthly, 75k or 80k

Your monthly pay allows you to be able to service a loan of NGN5.142million...assumption: a person cannot function well, both on & off the job, if he has a debt exposure (loan interest requiring monthly service) exceeding 60% of his disposable income.

NGN5.142million assumes, you have other means of repaying the principal (annually)....

Sunny4Gold:
Yes he can by borrowing from banks or mortgage companies then he can repay back by paying mortgage monthly, 75k or 80k

for example ?

The best bet for you is to build your house, a block at a time....buy a modest piece of land, valued at not more than NGN500K...use a whole year as target to buy it...save NGN45K/month & a NGN5K (Dec).

...then each year, have a target...

....note: the building plan should consider it as a retirement home...

...if life shines its face of greater favour upon, such that you jettison this plan, at least, invoke the principle of gratitude & smile back at yourself on your prudence in your days of little beginning.

Ran another quick calculation for you:

Assume your company can guarantee you the loan:

You can get NGN3million loan payable over 5yrs, assuming 30% (interest+charges) per annum.

Principal Repayment: save NGN50K monthly to credit bank NGN600K annually

Interest Servicing: NGN75K monthly

#
1) this is a consumer loan - it is the most available credit facility (it takes a lot more to secure a mortgage loan)

2) the total of NGN125K (NGN50K + NGN75K) to be set aside from your NGN200K (disposable income) is an amount that reduces annually (as your principal is repaid, your interest accrued reduces)

....goodluck...