Thread by @IvynSambo, Don't take a personal loan to finance building your house.There is a [...]

Ivyn Sambo

IvynSambo

Don't take a personal loan to finance building your house.

There is a loan for that which will be workable for long term payment.

[SHORT THREAD]

You can apply for a building loan which will take you long to finish paying off but it is workable and unlike your personal loan it have low monthly payment including low interest rates compared to personal loans.

With a building loan the bank pays out the loan in stages, as each stage of the construction process is completed.

Allowing you to reevaluate each amount and stage as the construction happens.

Check our this article: https://www.ooba.co.za/resources/building-loans/

Building loans: What are they and do you qualify?

A building loan will get you the finances you need to build your dream house, but make sure you go in with your eyes open.

https://www.ooba.co.za/resources/building-loans/

Here is the difference between a home loan and a building loan. https://www.privateproperty.co.za/advice/property/articles/the-difference-between-home-loans-and-building-loans/6561

The difference between home loans and building loans

There are differences between applying for an ordinary home loan and a loan granted by the bank for construction or renovation of a property.

https://www.privateproperty.co.za/advice/property/articles/the-difference-between-home-loans-and-building-loans/6561

This is not financial advice but financial education in order to understand the concept of home building loans.

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