Buying a house with a bank loan

[Nomad]

If you do not have money, you can borrow from banks and buy a house. House loan have longer payment time, like 10 years or even 25 years. Do you think buying a house from a loan is a good idea?

 

[Springtime]

Real estates in my location are really expensive. It is quite impossible for normal people to buy a house or apartment without taking out a mortgage loan. When I bough my apartment 15 years ago, I also took out a mortgage loan. The term is 10 years. By now, I have repaid all the outstanding amount of the loan.

 

[Fidelia]

If I see a mortgage that has favourable conditions, I don't mind using it to ensure that I own a house of my own. But it is nothing something that I would just rush into.

 

[kerryjoy]

I think it is a bad idea, what you should keep in mind is to spend what you can afford

 

[Sanjeev]

Yes, it's a better idea to take a loan and buy a home. You can always pay EMI by saving the rent before owning a home.

 

[Augusta]

I would buy a house with a bank loan. it is just to have a repayment plan and stick to it for me

 

[King Belieal]

If it is allowed for the bank loan to be paid over 10 years shortest duration, it would be okay to take a loan to buy a house.

 

[Sanjeev]

There is no point in giving the house rent, it's better to pay emi and have your own home through the bank loan.

 

[Starmix]

That is one way to acquire a house and lot. That is what some people in my place are doing. They apply for bank loans and will be approved only if their income from works are sufficient enough..

 

[Suba]

That's a very good idea, but instead of borrowing money from the bank we need collateral and the interest will be higher, but we should take a mortgage for home ownership credit from the bank with low interest, with the mortgage guarantee itself. The term and amount of installments can be adjusted to our financial capabilities.

 

[eLdavis]

Its a good idea if you have a solid way to repay back. Personally I don't think I we go for a loan to buy a house though.

 

[gwolf666]

If you do not have money, you can borrow from banks and buy a house. House loan have longer payment time, like 10 years or even 25 years. Do you think buying a house from a loan is a good idea?

Buying a house with a loan can be a good idea if you’re financially stable and can handle long-term payments. Mortgage loans allow people to become homeowners without needing the full amount upfront, spreading the cost over many years. However, it's important to consider the interest rates, your job security, and overall financial health before taking on such a big commitment. Ultimately, it can be a smart move if done carefully, as real estate often appreciates over time, potentially building long-term wealth.

 

[Starmix]

That's a very good idea, but instead of borrowing money from the bank we need collateral and the interest will be higher, but we should take a mortgage for home ownership credit from the bank with low interest, with the mortgage guarantee itself. The term and amount of installments can be adjusted to our financial capabilities.

There is a national home mortgage in the Philippines and many newlyweds applied for this to have their own house and lot after 25 years. It is better that way than renting that will never become yours.

 

[Suba]

If we take a bank loan in the form of money, it will be calculated as business interest and payments must follow the bank's provisions, which is different from taking a home loan with a mortgage.

 

[Starmix]

If we take a bank loan in the form of money, it will be calculated as business interest and payments must follow the bank's provisions, which is different from taking a home loan with a mortgage.

Yes, that's right but if the homeowner does not pay for some years the interests accumulate that could even reach to millions. The national home mortgage may advice to look for someone who may like to assume his house and lot.

 

[Suba]

In my country if the debtor is in arrears in the first month will get a warning letter up to 3x or three months then the house will be auctioned by the bank. So we must be able to ensure financial ability to be able to pay installments every month.

 

[codescript94]

If you don't have another card up your sleeve to buy the house, it's better to take out a loan to buy it.

 

[Kross]

Anyone that wants to buy a house should better approach a mortgage bank rather than a commercial bank for that. The terms are much better with mortgage banks.

 

[Stardom22]

I think that is a very great idea ever. Most people would use the mortgage kind of strategies for owning homes. All in all provided one gets the house in whichever ways they are good to go.

 

[mrki444]

Loan for house in Croatia is not easy to get. Usually bank say you home is not worth as market price is and they don't want give you entire money. You must collect difference in money.