One of the ways is to solicit for a mortgage. There are number of Lending Institutions that can assist. A mortgage allows you to access a long term credit facility payable over a long period of time between one year to 60 years depending on the terms of the Mortgage.
The mortgage part finances the acquisition, construction or renovation of facilities. better still can also be for combination of the listed exercises. But the beauty of it is that mortgage gives you time to plan for the payment while even enjoying the facility.
The amount you can access could be between (1) one million to 150 million depending on where the intended facility is located. It is important to note that the lending institutions' terms and conditions varies from each other. Also, it is important to know that there are some condition that you must fulfill in order to access this credit facility.
Some of these conditions are:
* You must have and operate at least an account preferably current account with the lending institution.
* You must submit an application letter and as well as filling a mortgage form
* The must be an evident of a stable flow of income.
* The applicant must made a deposit at a particular percentage. Most institution accept 30% but some may demand for higher up to 40% . But that as it may the deposit can complete the construction of the dreamed home.
* The property to be financed must be residential.
* The repayment figure is normally based on a particular workable percentage of the net income of the applicant(s) as the case may be.
* You may also have to obtain a comprehensive insurance policy for the facility.
In any case, mortgage is a more reliable way acquiring property in modern world. Think about this. Some Estate developer also have some financing policies for their clients.
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