Benefits of Getting a House Loan

[Mika]

You can get a loan for various purposes. Sometimes, when you get a loan to buy a house or buy a car, it is categorized as a house loan or auto loan, but these loans are basically a personal loan.

When you get a house loan, you can not only use the money to buy a house but also renovate your house, or add a new story to your house. A House loan or mortgage is a popular loan type because it is a long-term loan (up to 25 years), has a comparatively lower interest, and loan processing is comparatively faster. Interestingly, you can use the same house or land that you are buying as collateral.

When you get a house loan and start living in your own house, you will save money on rent, but you will also have to pay the loan installments which might be bigger than the amount you paid as rent. However, there is one major benefit. When you are living in a rented home, it will never be yours, but when you continue to pay back your loan, in 20-25 years, you will become a house owner.

You can also rent your house or have paying guests in your house to generate income that you can use to pay back your loan.

 

[Jasmine]

I don't have a house and I don't have a house loan, however, I perfectly understand the benefits of getting a house loan. Once of the reasons why I have never tried to invest in a house is because when you are a house owner, you are expected to maintain your house and this cost a lot of money. In order to become eligible for a house loan, you need a regular income source. You need to show the banks that you can actually pay the loan. You cannot get a house loan if you cannot convince your bank. If you have a regular income source, you can easily acquire a house loan. A lot of people buy house through a house loan because house loan have a longer terms, 15 or eve 25 years. When you have a long term loan, you can easily manage to pay interest and loan installment. Best thing about buying house with a loan is you save money on your house rents, you can also rent your house and make money, and you can use the rental income to pay back your loan. Buying house with a loan is good idea if you have family.

 

[Augusta]

Having a home this days is very important. I know this from personal experience because it never easy when you need to move from one location to another because you need to quit an apartment for whatever reason. but if it was your personal home you wouldn't need to change houses at will since it is your home.

So house loan is as essential as getting a loan for other usage I don't think there's any other better way to live life without stress like getting a place you can call your own. you wouldn't need to pay exorbitant rate and if you are new to a place you wouldn't need to go through some rejection because you are trying to get a place to live. Like in my location some home owners don't want to rent their homes to ladies and their excuse can be very flimsy. if such ladies were able to get their home loans to build or buy their homes such issue of renting will have been solved
Again, the home always need a kind of renovation and remodelling, all of this is to help the home remain good, with loan these issues can be handled as early as possible.

 

[Sotherefore]

There was a certain real estate investment Company here in Nigeria that was planning and they were building housing unit across the 36 state of the country of different sizes and design. The reason why they were doing that was because they were just interested to give it out to people that are interested to have their own personal house.

Personally I believe it was a nice idea but at the same time I wasn't really comfortable because it seems most of the material they were using in the building process were of low quality and they were trying all possible means to minimise the cost of building these houses .

The design they were using was also another discouraging factors to me , it wasn't really what I need and also the space they were providing at the surrounding was not even enough. . When getting a house personally , I need a place with a good storage space