Guitaret wroteKareem wrote
If I understand your question correctly, you do not get the cash. It's the seller that takes the cash from the bank " وعد بالدفع ".
So I am not sure if you trust him enough but basically what you're telling him is to collect the remaining %10 from the housing loan and give it to you so you can pay him the remainder on a monthly basis.
This is covered, no worries about that:
The seller gets the cash and gives them back to me or at least the remaining (not so uncommon). Many people do that so they can finish up the house. And the amount I can take is whatever is allowed to me, not just the 10% and so this my question here. Lets say I am allowed 150k, knowing what it means to pay some hefty monthly amount for a long period of time Kareem, would you do it ? or stay cashless but without a loan and finish up the house each month (even if it took years)?
@sero I appreciate your feedback.
I can't really advise you as I know nothing about your plans. Loans are risky. Interest rate is fluctuating and you may end up paying much more than you thought.
$150K means around $1100 -- $1200 USD per month up to 30 years. It includes the insurance fees which means around $400K.
If I were you, I wouldn't go for it. You never know what might happen in the future. Selling the property is very complicated when it's mortgaged. You won't be eligible for another loan ( car, personal etc.. ) if your income doesn't allow it.
You have 10 years to pay for the property registration so plenty of time but again, I don't know how old you are, when you're planning to move, and your future plans.
If you really have to go for a housing loan, make the duration as short as possible ( 7 years is probably OK). So it's not really the amount but the duration.