Construction Loan Lagos Nigeria - Free Home Building Loan Tips
Construction loan Lagos Nigeria. This section provides free tips for obtaining home building loan from mortgage banks and financial institutions in Nigeria.
Obviously, the next natural thing to do would be to find alternative funding sources. The sources that readily come to mind are . . .
For example, a particular cooperative society in the food beverage industry had the following rules:
1. You can only take a loan equal to the difference between twice your savings and the loan already taken (your debit)
2. You cannot take a loan above three million Naira (upper limit on loans)
A few things to remember when signing up with a bank for home building loan.
1. Request a breakdown of the payment plan. This shows your monthly deductions with respect to . . .
This spread sheet shows you your loan repayment plan at a glance. If the loan repayment plan indicates that you're heading for a credit crunch, it is the course of wisdom to consider reviewing downwards the proposed loan amount.
2. Read the fine lines.
What are the terms of the construction loan? Can you pay off the loan at once if and when you become financially empowered enough to do so? Are you bound to continue to make interest payment if sometime in the future you decide to payoff the loan balance at once?
3. What impact will the size of the loan have on your family finances?
A home loan accelerates the building process and that's what we all want . . . to start living in our own home as soon as possible. But if that loan will give you sleepless nights, reconsider.
A lot of people have jettisoned the idea of taking a loan. Instead, they buy a plot of land for sale and start developing their plot slowly over several years.
Some others support their personal finances with cooperative society loans to add some bite to the building process. Many cooperative society loans come at 9% interest rate. That is a huge bargain compared to 17 - 22% interest rates offered by commercial bank.
So, make your choice. It's your call.
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