Getting Finance for Home Construction
I have been asking around (banks especially) on their home loans. The response I'm getting is not very good. Everyone is ready to give loans but gosh if you look at the package in detail its like you are being ripped off!!
I have been asking around (banks especially) on their home loans. The response I'm getting is not very good. Everyone is ready to give loans but gosh if you look at the package in detail its like you are being ripped off!!
Here is one example of what I mean (I have used a figure to illustrate my bewilderment) :
Loan Amount: $80k
Term Period: 25 years
Repayment : $750 - $800 per month
In this case by just using simple maths: after 25 years the amount paid would be $225k - $240k!!! And this is just for $80k.
I have developed a severe headache because of this!!!
1 comments:
Interest rate seems to be same in India too. Only difference is, you get tenure of 25 years too. Here the limit is 20 years only, in most of the cases.
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