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Guy Earns N200k/m Wants To Buy A House Worth N7.5m ... How Can He Do It Pls by hadizasaf: 6:30pm On May 14, 2015 |
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 7B4F82B0 bb pin Thanks guys |
Re: Guy Earns N200k/m Wants To Buy A House Worth N7.5m ... How Can He Do It Pls by Nobody: 9:45pm On May 14, 2015 |
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" |
Re: Guy Earns N200k/m Wants To Buy A House Worth N7.5m ... How Can He Do It Pls by hadizasaf: 9:34am On May 15, 2015 |
mxxpunkxx1: Your humble advice received with thanks but dat means he would be paying rent and building at d same time |
Re: Guy Earns N200k/m Wants To Buy A House Worth N7.5m ... How Can He Do It Pls by Nobody: 6:41pm On May 15, 2015 |
hadizasaf: 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 ! |
Re: Guy Earns N200k/m Wants To Buy A House Worth N7.5m ... How Can He Do It Pls by hadizasaf: 10:25am On May 17, 2015 |
mxxpunkxx1: The guy is married oh with kids |
Re: Guy Earns N200k/m Wants To Buy A House Worth N7.5m ... How Can He Do It Pls by Nobody: 11:14am On May 17, 2015 |
hadizasaf: 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 |
Re: Guy Earns N200k/m Wants To Buy A House Worth N7.5m ... How Can He Do It Pls by Sunny4Gold: 4:19pm On May 17, 2015 |
Yes he can by borrowing from banks or mortgage companies then he can repay back by paying mortgage monthly, 75k or 80k |
Re: Guy Earns N200k/m Wants To Buy A House Worth N7.5m ... How Can He Do It Pls by Archilouis(m): 8:32pm On May 17, 2015 |
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).... |
Re: Guy Earns N200k/m Wants To Buy A House Worth N7.5m ... How Can He Do It Pls by Nobody: 8:42pm On May 17, 2015 |
Sunny4Gold: for example ? |
Re: Guy Earns N200k/m Wants To Buy A House Worth N7.5m ... How Can He Do It Pls by Archilouis(m): 8:45pm On May 17, 2015 |
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. |
Re: Guy Earns N200k/m Wants To Buy A House Worth N7.5m ... How Can He Do It Pls by Archilouis(m): 9:06pm On May 17, 2015 |
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... |
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