I don't want to make you mad for the decision you might have made to buy a house on mortgage but it is simply because somebody didn't tell you the truth before you made the decision. You are an ambitious young parent with a new born baby called Junior and now that you got that well paying job you make that decision to buy a 2bedroom apartment in Kiambu rd. at 5m for peace of mind that you own a house and not to give you stories this are the figures;
One of the best banks in the country gives you a mortgage at 14.9% p.a.
Using a mortgage calculator on the bank's website gave me the figures below;
For 240 months or 20 years you will pay approximately 65,000/= per month
Do you know how much that translates to at the end of the duration of the loan? 15,712,800/= paid for the same house. That's a 10.7m difference you are paying for not having cash to buy the house at once.
What nobody will ever tell you...
There is an alternative that can make you financially stable and peaceful in a shorter period. Look at the figures below;
You could afford 65,000/= monthly to have taken that mortgage, therefore we will split that into parts,
You can get a beautiful and spacious 2 bedroom house in Kahawa Wendani at 25,000/=
That leaves you with 40,000/= disposable cash.
We invest that 40,000/= in one of our investment products in our 170year old investment company
Interest rates at a minimum of 12%
14 years later when Junior is about to join form 1 or grade 9, you know that is a very short duration since time flies very fast. You can remember 14years ago as if it were yesterday. The investment will be maturing in 14 years and the amount you get at maturity is unbelievable, Ksh.13,233,283.
Believe it or not, you will walk into a realtor and pay cash for a better house in a better.
A more luxurious 2bedroomed apartment in Kilimani goes for around Ksh.9,000,000. You and your family will live in a better side of town as your son joins form one.
Not to mention the Balance of 4.2m that you can use to pay off his high school fees in one of the best schools and still have surplus to invest for his university fees in the country or abroad.
This to me is the option I would choose, hope you too can be financially smart and make the wise decision.
One more advantage, as you are investing through the 14year period, you have a Life cover 10 times your monthly savings coming free and in this case you have a life cover worth 400,000/=. Meaning in the event of death, your loved one, i.e the beneficiary is paid the lumpsum benefit.
For more information on how to make a wise money decision and investment solutions in any budget call Brian+254 710690832 or +254733603096 or email botachi@gmail.com for free consultation and a personal advice on how you can invest regardless of your income.
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| Dream Home |
One of the best banks in the country gives you a mortgage at 14.9% p.a.
Using a mortgage calculator on the bank's website gave me the figures below;
For 240 months or 20 years you will pay approximately 65,000/= per month
Do you know how much that translates to at the end of the duration of the loan? 15,712,800/= paid for the same house. That's a 10.7m difference you are paying for not having cash to buy the house at once.
What nobody will ever tell you...
There is an alternative that can make you financially stable and peaceful in a shorter period. Look at the figures below;
You could afford 65,000/= monthly to have taken that mortgage, therefore we will split that into parts,
You can get a beautiful and spacious 2 bedroom house in Kahawa Wendani at 25,000/=
That leaves you with 40,000/= disposable cash.
We invest that 40,000/= in one of our investment products in our 170year old investment company
Interest rates at a minimum of 12%
14 years later when Junior is about to join form 1 or grade 9, you know that is a very short duration since time flies very fast. You can remember 14years ago as if it were yesterday. The investment will be maturing in 14 years and the amount you get at maturity is unbelievable, Ksh.13,233,283.
Believe it or not, you will walk into a realtor and pay cash for a better house in a better.
Not to mention the Balance of 4.2m that you can use to pay off his high school fees in one of the best schools and still have surplus to invest for his university fees in the country or abroad.
This to me is the option I would choose, hope you too can be financially smart and make the wise decision.
One more advantage, as you are investing through the 14year period, you have a Life cover 10 times your monthly savings coming free and in this case you have a life cover worth 400,000/=. Meaning in the event of death, your loved one, i.e the beneficiary is paid the lumpsum benefit.
For more information on how to make a wise money decision and investment solutions in any budget call Brian
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