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Discussion in 'General Photos & Multimedia' started by Irfan Baloch, Sep 12, 2015.
Arnab technical support
Ho Ya baby....
I live in UK.
My take home salary is £5,000/- per month
I live in a house worth £500,000/-
The way it works is, bank gives the mortgage / loan to pay the full amount to the seller (vendor or builder) and I then pay back to the bank over 25-years.
It is a well established system.
Can you tell, what's the monthly amount you have to return?
Your answer would be helpful to the people of Pakistan, who fail to understand the trick.
What is the amount financed and at what rate---?
I pay £325 per month. So this guy will pay according to the local rates and bank contribution.
Also remember, with time the house price increases. So, there is a locked money in the house (called equity). If this guy wants to start a business, then the banks will be happy to lend based on the equity + his earnings + likelihood of the success of the business (its earning potential).
It is no trick at all.
Even the Islamic banks have brought in "Mudarba" and other type of lending schemes.
The house was £500,000 when I bought it.
I borrowed £200,000.
I paid £300,000
I pay £325/per month.
This is <7% of your income.
What Pakpatan regime is demanding from public is >twice the total income of buyers and they are asking to pay in advance!
Other mystery is, why govt. of Pakpatan is acting as bank? Are they here to favor contractors or add competition to existing banks?
That does not look right---200 k borrowed over 25 years at around 3.5% apr
should be around a 1000 + pounds + insurance
Here is a mort calculator
325 paid over 25 years come to 97500 total including interest---there is something missing here.
Dear Sirs are you considering your discussion as 'STUPID & FUNNY'.
If not, kindly take it to some appropriate thread. Let's not pollute this thread with such 'SERIOUSNESS'.
Thanks for your understanding.
It's mature humor and it is as funny as it can get.
PM of Pakistan never seize to amuse us, with his golden words and economic plans. last time he even tried to do mimicry of Balawal Bhutto.
Actually title of this thread should be changed to Niaziat.