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Building A Deposit To Buy A House
A lot people have the belief that it’s like an impossible dream to buy your own house in Nigeria at the current prices. However, banks are now giving out mortgages to potential property buyers. Here is some advice on how to go about owning your own property anywhere in Nigeria .Now is the time to for you to plan for next year. A deposit is the amount of money that you will be required to provide towards the purchase of a property, with the balance made up from mortgage finance. Building a deposit isn't easy these days! A house deposit is something you should save for and gather before you start thinking about which property you want to buy. Having said that, if this is a real problem there are other options featured in our guide to building a deposit where you can buy a first home without saving for a deposit at all, also gifted deposit. The size of your house deposit may affect the interest rate you pay for some mortgage packages - the more you put down as a mortgage deposit, the lower the rate of interest you may be charged. To find out what sort of deposit you might be required to get together - find out how much you can borrow - take mortgage advice. A typical deposit would be up to 25% per cent of the price of the property. So, for instance, if you were required to provide a 20 per cent deposit and the purchase price was N25,000,000 you would need to put down a 5,000,000 deposit. A very large mortgage – 100% or more of the property value would attract additional higher lending charges. One initiative that other house builders might like to copy is the 'Save to Buy' type scheme, which involves buyers saving up to 5% of the deposit over 18 months; an amount which is matched Naira for Naira by the builder. This eventually enables the buyer to accrue the 10% deposit required to purchase the house. Article Directory: http://www.articledashboard.com www.goodlife.com.ng/glmagrealestate.php?glmagrealestate=read&id=253 |
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