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Is Taking a Mortgage the WORST Decision Ever??
Rank: Veteran Joined: 2/21/2012 Posts: 1,739
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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.  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 RINKobiero 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..  @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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Rank: New-farer Joined: 9/20/2010 Posts: 79
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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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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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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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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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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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Rank: New-farer Joined: 9/20/2010 Posts: 79
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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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Rank: Hello Joined: 1/17/2014 Posts: 3 Location: Nairobi
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Great advice and discussion.
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Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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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
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Elder Joined: 6/19/2008 Posts: 4,268
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Mukiri wrote: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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Rank: Member Joined: 1/14/2009 Posts: 5
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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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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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"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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Rank: Veteran Joined: 12/1/2008 Posts: 1,098
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Aguytrying wrote:"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 they, choose what you want to live with But your children can take over from where you left. Were you not toiling for them? 
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Rank: Member Joined: 1/15/2010 Posts: 458
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Talking of mortgages wifey works in a bank and there is talk of her taking the mortgage as I help finance 6% rate..I am of opinion she takes a normal loan and buy land plus my savings and construct..Opinions? update president set president = speaker where president is null
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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Toxicity wrote:Talking of mortgages wifey works in a bank and there is talk of her taking the mortgage as I help finance 6% rate..I am of opinion she takes a normal loan and buy land plus my savings and construct..Opinions? Normal loan wanapewa at what rate? Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Veteran Joined: 7/5/2010 Posts: 2,061 Location: Nairobi
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Toxicity wrote:Talking of mortgages wifey works in a bank and there is talk of her taking the mortgage as I help finance 6% rate..I am of opinion she takes a normal loan and buy land plus my savings and construct..Opinions? Is the mortgage is tied to the condition that it has to be a finished house? If not, take the hybrid route, buy some land with a loan/savings, then get a mortgage to do the construction, unless the loan and mortgage interest rates are similar, and for bank employees they usually are, in which case I would say you are right. Finished houses are a racket. A vehicle for supernormal profits for developers, a debt-monkey on the back of the buyer for 20 years. The remoteness and dust is a lesser evil, and you are free to try something new in 5 or 6 years after you are debt free and have a house of last resort already complete. My 2 cents.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Toxicity wrote:Talking of mortgages wifey works in a bank and there is talk of her taking the mortgage as I help finance 6% rate..I am of opinion she takes a normal loan and buy land plus my savings and construct..Opinions? I would take a mortgage at 6% any day. Life is short. Live passionately.
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Rank: New-farer Joined: 8/15/2010 Posts: 99 Location: nairobi
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sparkly wrote:Toxicity wrote:Talking of mortgages wifey works in a bank and there is talk of her taking the mortgage as I help finance 6% rate..I am of opinion she takes a normal loan and buy land plus my savings and construct..Opinions? I would take a mortgage at 6% any day. I think there is an option of taking a construction loan if you have your own plot which is then converted to a home loan when the house is complete and valued. This is way lower than buying an already finished house. You can then accelerate the mortgage payments and you will be home free sooner.
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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Toxicity wrote:Talking of mortgages wifey works in a bank and there is talk of her taking the mortgage as I help finance 6% rate..I am of opinion she takes a normal loan and buy land plus my savings and construct..Opinions? Are you ready to live in wifey's house? The married among us know the import of this question.
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Rank: Elder Joined: 6/19/2008 Posts: 4,268
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Gordon Gekko wrote:Toxicity wrote:Talking of mortgages wifey works in a bank and there is talk of her taking the mortgage as I help finance 6% rate..I am of opinion she takes a normal loan and buy land plus my savings and construct..Opinions? Are you ready to live in wifey's house? The married among us know the import of this question. mmmmh. Happened to a neighbor..... wifey became so cocky to an extent of bringing another dude to HER house! Disclaimer: All women are not the same.
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Wendz wrote:Gordon Gekko wrote:Toxicity wrote:Talking of mortgages wifey works in a bank and there is talk of her taking the mortgage as I help finance 6% rate..I am of opinion she takes a normal loan and buy land plus my savings and construct..Opinions? Are you ready to live in wifey's house? The married among us know the import of this question. mmmmh. Happened to a neighbor..... wifey became so cocky to an extent of bringing another dude to HER house! Disclaimer: All women are not the same. And @Wendz is supposed to be a lady???? Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Member Joined: 9/12/2014 Posts: 120 Location: Nyali
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Now you guys are deviating from the real issue.Can we be objective and help Toxicity out?
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Is Taking a Mortgage the WORST Decision Ever??
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