{UAH} In Uganda mortgage plans are sickening
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7:42 AM |
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"You should never take out a mortgage to finance your residential home. However long it takes, build your house brick by brick with the little resources you have"
...building a house and moving your family out of a rented property is the best gift a man can give to his family. Unfortunately, many of us are under immense pressure to finish things quickly and settle and in the process going for mortgages. Mortgage products in Uganda are expensive and terms and conditions not friendly. You get to know these better when your ability to service the mortgage collapses and the financier comes calling. You can still build your house slowly, if you MUST borrow, take out short to medium term loans to finish and enter and work on it slowly while inside.
All loans in uganda aren't client friendly, even salary loans go for fun to 27% or more across all banks. Interest rates are sickening.
If you are in a Sacco it can be handy in helping you get a house if you are a saver. Look at all those options including negotiating with the actual seller of the house so you avoid taking a mortgage.
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-- ...building a house and moving your family out of a rented property is the best gift a man can give to his family. Unfortunately, many of us are under immense pressure to finish things quickly and settle and in the process going for mortgages. Mortgage products in Uganda are expensive and terms and conditions not friendly. You get to know these better when your ability to service the mortgage collapses and the financier comes calling. You can still build your house slowly, if you MUST borrow, take out short to medium term loans to finish and enter and work on it slowly while inside.
All loans in uganda aren't client friendly, even salary loans go for fun to 27% or more across all banks. Interest rates are sickening.
If you are in a Sacco it can be handy in helping you get a house if you are a saver. Look at all those options including negotiating with the actual seller of the house so you avoid taking a mortgage.
"When a man is stung by a bee, he doesn't set off to destroy all beehives"
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