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Is Taking a Mortgage the WORST Decision Ever??
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Am
#421 Posted : Monday, December 29, 2014 1:11:51 PM
Rank: Veteran

Joined: 2/21/2012
Posts: 1,739
obiero wrote:
Pesa Nane wrote:
obiero wrote:
dunkang wrote:
kamaug wrote:
Mortgage isn't working for me... I feel that the bank is taking a hard line especially since the split of interest and principle is 93%!! which means if my instalment is 100k 93k is interest only 7k is principle. My Business has hit some headwinds but the bank isn’t having any of that. Any valuable advice would be welcome. Brick wall
JUST SELL IT!!!
Woke up at 5.35am today js thinkin of my home debt. I dont like to call it mortgage since I found out that the word means 'death grip' in latin
@obiero why loose sleep over small matters (judging from post #108 Posted : Wednesday, August 07, 2013 7:39:26 PM RINK
obiero wrote:
I bet all my shares in BoK, COOP, KQ, land in Kitengela, Kakamega, Kisii, house, hotel and two cars; that KCB will not report a profit higher than 7%up from the KES 8.5B of H1 2012..
Haha. Pesanane wewe ni mtu hatari.. I wrote that ages ago.. Anyways, it is common knowledge to most that I am not a poor man, far from it..
Laughing out loudly Laughing out loudly @Obiero. You are my hero
Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
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Kalameni
#422 Posted : Sunday, January 04, 2015 3:30:32 AM
Rank: New-farer

Joined: 9/20/2010
Posts: 80
civil servants in kenya to get mortgage of between 4m to 40m and car loan of 600k to 10m at a mere 3% depending on your job group level.Civil servants must be smiling.But is this scheme sustainable?
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dunkang
#423 Posted : Sunday, January 04, 2015 9:29:14 AM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
Kalameni wrote:
civil servants in kenya to get mortgage of between 4m to 40m and car loan of 600k to 10m at a mere 3% depending on your job group level.Civil servants must be smiling.But is this scheme sustainable?
DAMN. This deserves its own thread
Receive with simplicity everything that happens to you.” ― Rashi
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Gordon Gekko
#424 Posted : Sunday, January 04, 2015 10:36:21 AM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
As far as I'm aware, this scheme has always been there, only that civil servants are so lowly paid they can't take advantage of it. Kileleshwa Civil Servants Flats were sold under this scheme.
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Kalameni
#425 Posted : Sunday, January 04, 2015 5:00:04 PM
Rank: New-farer

Joined: 9/20/2010
Posts: 80
But is one really able to meet monthly repayment schedule if he/she takes a mortgage of kes 4m and car loan of 600k at job group j.
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Manju
#426 Posted : Thursday, January 08, 2015 6:48:09 PM
Rank: Hello

Joined: 1/17/2014
Posts: 3
Location: Nairobi
Great advice and discussion.
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obiero
#427 Posted : Monday, January 12, 2015 6:04:43 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,321
Location: nairobi
dunkang wrote:
Kalameni wrote:
civil servants in kenya to get mortgage of between 4m to 40m and car loan of 600k to 10m at a mere 3% depending on your job group level.Civil servants must be smiling.But is this scheme sustainable?
DAMN. This deserves its own thread
Hii inaitwa hadithi za abunwasi
COOP, IMH, KEGN, KQ, MTNU
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Wendz
#428 Posted : Wednesday, January 14, 2015 2:23:25 PM
Rank: Elder

Joined: 6/19/2008
Posts: 4,268
Mukiri wrote:
Boris Boyka wrote:
obiero wrote:
Othelo wrote:
Take the simple scenario currently playing at Coop. Two employees earning same salary, one with loans and the other without. Who is the biggest beneficary if both are retreched?
Ofcourse. The one without is far better off. Debt is from the devil
Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Applause Applause Debt is from Devil,Loans from Lucifer. Gains from God,Returns from Rabii. i don't know where Tax came from especially CGT ....
Caesar! Give unto Caesar what belongs to Caesar. Given the two scenarios above, I'd say the one with loan IF HE IS WISE! Supposing the loan is a mortgage, he can sell off the house, pay off his mortgage and will be left with something.... as opposed to the one without a loan, who has nothing. Even better is, there is a 40% rebate. If the 'handshake' is sufficient enough to repay the 60%, the fellow has a house at much reduced costs!
Bwana Mukiri, stick to the topic and compare like terms. The topic is on MORTGAGE and not LOANS. The difference is as clear as day and night.
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Act
#429 Posted : Wednesday, January 14, 2015 5:02:56 PM
Rank: Member

Joined: 1/14/2009
Posts: 5
I think mortgage is ok if you have plans to repay within a short period than set in the conditions if there is no penalty charged e.g. from 20yrs to around 10yrs. That way you pay less interest and caution yourself against unforeseen risks (e.g. increase in interest rates). I think also it depends on individual. I don't think you can convince a young man to stop partying and pay mortgage.
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Aguytrying
#430 Posted : Wednesday, January 14, 2015 6:39:42 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
"mortgage" means a contract till death. y? you will pay for your entire working career. that in itself is scary. maich black put it in black and white at the beginning.from there, one can choose what you want to live with
The investor's chief problem - and even his worst enemy - is likely to be himself
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  | | Edit by user: Wednesday, January 14, 2015 6:52 PM | Reason: Not specified
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