I have a house which is under construction, and I currently live in a rented appartment in which I pay one third of my salary. Completing the construction of my house will cost about 50.000 Egyptian pounds as I live in Egypt. Banks don't give such loans especially I work in a private institution and they don't support loans for private employees.
2006-10-27 23:45:48 · 3 answers · asked by replyer 2 in Business & Finance ➔ Other - Business & Finance
Hmmm. Think about this, why don't banks loan money out to builders of a home? Unless law has something to do with it in Egypt then the other reason is because of RISK. In the United States, where we will loan a dog $ to build a house, our banks will string you along until you are in so deep the banks own you. My answer, if it is too risky for a bank to do it, then I would not finance, I would save and cash flow the construction of my home and get very creative. If you self contract, you will be able to save a significant amount of money as well as have it paid for much sooner. Don't ask your friends and family for money or you will not have any (friends, family or money). Perhaps ask a retired friend who is handy to help you oversee the construction of your home.
2006-10-28 00:13:33 · answer #1 · answered by GoodTimesMakingMoney 2 · 0⤊ 0⤋
It all depends. Do you have a lot of good friends & family? Will the bank accept a house as collateral for a loan after its built? If so, ask really good friends and family to make a donation to your building fund. Later, after a period of time, take a loan out on the house to pay your good friends and family back. I believe they do something like that on the stock market when they buy stocks on margin. {I maybe wrong} Your situation should lead you to an answer. Your reality & your limitations are what you make it!
2006-10-28 00:01:39 · answer #2 · answered by E. Marie G 2 · 0⤊ 0⤋
Try a national agency, like DITECH
2006-10-27 23:49:11 · answer #3 · answered by GreyGHost29 3 · 0⤊ 0⤋