Are you interested in purchasing a house? It is important to first ask yourself the simple question, why? You will be successful in purchasing and receiving the advantages that you desire from the house when you have established specific goals in buying a house. Below are some questions that will analyze your purposes and aid in awakening your desires. Answer the questions below and you may find an answer to the question of, why?

A. Purpose

There are two essential purposes when an individual considers buying a house. It can be for living purposes, or business purposes. Below are very initial questions that we can consider briefly with regard to these purposes.

Living Purposes:

Q: How large is your family? Is it an internal family or an external family?

The easiest way to establish the size of your family is by counting them all. The size of the desired house should perfectly match with your members and the conditions that you want. You may wish to consider the points below:

Use full capacity: In each house you should have a living room, a kitchen, at least one bathroom, bedroom(s), a balcony, garden etc. It is best to utilize your house at its full capacity. For example, if your family of three wants one bedroom each then you should look to have 3 bedrooms, or if you can share one bedroom for two people then have 3 bedrooms for 6 family members, and so on.

Q: What condition would you like the house to be in?

Establishing the condition of a house can be broad and vague, but let us narrow it down for you with context to Cambodia. In Cambodia, house conditions can be distinguished by determining whether it is brand new, old or constructed.

• Old: For instance, apartments and flats in the city center along Monivong Blvd, near Kandal market or French style houses located commonly in provinces like Kampong Cham, Kampot and Battambang ect. Brand
• New: Houses in developing zones like Phnom Penh Thmey, Posen Chey or in any Borey (private compound) due to the fact that most of these houses are built after 2000 up to the present day.
• Constructed: Some individuals prefer to build their own house according to their own preferences regarding design and conditions.

Q: How long do you plan to live there?

You should ask yourself if you would like to settle down or if you plan to move around frequently. If you expect to live in the space long term, it is important to select your most preferred location to avoid future regret in your decision. If you tend to move around frequently, you can be more flexible in deciding where you would like to live.

B. LOCATION

Q: What type of neighborhood environment do you like?

The environment of a neighborhood refers to the atmosphere around your house. Some neighborhoods are very busy, either as a result of traffic, kids/teenagers, businesses in the vicinity such as grocery stores, cafés, shops and so on. However, it can be enjoyable and convenient for some individuals to be in a busy and fruitful location. Some neighborhoods are very quiet due to a lack of the factors mentioned above, typically the further away you move from the city, the quieter it becomes.

Q: What is the travel distance between the house and your office/school/etc.?

Whether you live in a city or a province, you should consider the distance between your house and the locations you engage with every day such as your workplace, your kids school or markets and grocery stores. It may be fine to live relatively far from these places if you live in a province or a location that is not busy, however it would be best that you live near these locations you frequent if you live in a city or a busy district.

Q: What is the security and safety like?

You can check with the local authorities or ask your neighbors regarding the security and general safety of your area. To further inform yourself you may wish to observe the area late at night to determine the overall safety of your location.

C. TYPE OF HOME

Q: What type of home would you like to live in? A Villa? Condo? Apartment? House?

If you would like a simple home with a small number of members (such as a small family) you can choose to live in an apartment, which is perfect for those who enjoy living and engaging in the heart of a city. A villa would provide you a better look and aesthetic of a home, generally speaking. However when you become a little older and prefer a large space to take a deep breath or some space to grow a brightly colored garden, you may wish to choose a house either located in the urban or country side area.

D. PRICE

Q: What’s your expected price of the house?

We always want the lowest price possible when we purchase goods and services, but this is not always the case. It is important to be realistic about the price we expect.

Q: What is the current market price?

You can check the current market price of house by checking the price of similar houses around the area or areas in similar condition.

E. FINANCE

Q: How much money do you have in hand?

No matter how much money you have, you need to establish a budget plan to avoid hitting any obstacles.

Q: How would you like to pay? A pay off? In installments?

If you have enough money in hand and you do not wish to pay the interest then you can do a pay off. Paying in installments is necessary for individuals who cannot afford to do a pay off.

Q: What is your income statement?

Your income statement(s) are important because you need to know if you can still afford your living expenses after you have paid the installment for your house. You can consult with our credit consultants located in various cities across Cambodia.

Q: Which financial institutions you may wish to consider?

Some houses, for instance like Boreys (private housing compounds) allow you to pay in installments, or you may seek the help of financial institutions such as banks or microfinance institutions. However if you decide to receive financial assistance from a Borey, there are some points you must consider such as the type of property title, credit of the property developer etc. Some microfinance institutions are specialists in housing loans. You may need to consider which financial institution can provide you with the best service along with appropriate long term installments and an acceptable interest rate.

A family budget: why it’s a good idea A family budget is essential to managing your money. That’s because a family budget helps you:

• spend your money wisely on the things you must have – these are your needs
• save money for the things you like but can live without – these are your wants
• set aside money for unforeseen expenses – for example, if your car/motorcycle breaks down and needs repairs
• stop accidental overspending.

Working out how much money you need for everyday essentials like food, housing, utilities like gas, electricity, phone and water, transport and medical services can help you make sure you have enough for unexpected expenses and emergencies.

Getting started with budgeting

The key to budgeting is sticking to a basic rule – spend less than you earn.

One way to start budgeting is to list what you earn, spend money on and owe. It can help to look at past income.

Try to look at enough bills and statements from the past year to understand your usual earning and spending habits. It’s good to look at how some bills are higher at different times of the year. For example, energy bills are often higher during the dry season because of the cool.

After you’ve accounted for essentials and emergencies, your aim is to have money left over to spend on things you want.

Working out what you spend: the first step towards managing money

One of the hardest things about making a budget and managing money can be keeping track of what you spend. Spending can be regular (fixed expenses) or irregular or once-off (variable expenses). Here are some of the fixed expenses you might want to include in your family’s budget:

• mortgage repayments or rent
• utilities – gas, electricity, water, phone and internet
• council fees and land taxes
• school or tertiary study fees
• health, car and household insurance
• public transport costs
• credit card and personal loan repayments.

Here are some of the variable expenses you might want to include in your family’s budget:

• food
• home maintenance and household goods
• school uniforms, textbooks and stationery
• medical and dental fees
• car repairs and petrol
• personal items like clothing and haircuts
• registration fees and equipment – for example, for sports, music or dance programs
• holidays entertainment gifts – for example, for birthdays or weddings
• other things like special treats for you and your family.

If your income allows, deliberately overestimating the money you need for bills might help you find extra spending money.

Planning how and what to save: a key part of managing money

Your budget will tell you whether you’re currently spending more or less than you earn. If you’re currently spending more, it can help to sit down together as a family and think about where you can save money. And if you’re already spending less than you earn, you can look at how to save and how to use your savings. Here are some tips for making a savings plan:

• Review your spending. Figure out whether you’re saving as much as you can. Could you spend less on certain items? Do you have any high-interest credit cards or other loans? Could you pay these off as soon as possible and look into more suitable credit or loan options? It’s a good idea to do this regularly.
• Build a savings buffer. Before you start saving for your wants, it’s really important to keep extra savings for financial emergencies. For example, you could aim to keep some money in a separate saving account for emergencies.
• Decide what you’re saving for. What are your goals? How much do you need to save to achieve them?
• Set a deadline for your goal. Give yourself plenty of time – saving can seem to take forever. But be realistic, and you’ll avoid feeling the pressure.
• Open a fee-free bank account, which is separate from your main account. You can use this account only for saving towards your goal. You can set up a direct debit from your main account to regularly transfer a set savings amount.

Once you’ve come up with a savings plan, it’s a good idea to review the pros and cons before you start. This way you’ll know how it’ll affect your family life. If there are parts of your plan, you’re unsure about, seek advice or double-check your calculations before you go ahead.

Credit to: raisingchildren.net.au

Are you interested in purchasing a house? It is important to first ask yourself the simple question, why? You will be successful in purchasing and receiving the advantages that you desire from the house when you have established specific goals in buying a house. Below are some questions that will analyze your purposes and aid in awakening your desires. Answer the questions below and you may find an answer to the question of, why?

Purpose

There are two essential purposes when an individual considers buying a house. It can be for living purposes, or business purposes. Below are very initial questions that we can consider briefly with regard to these purposes.

Business Purposes:

Q: What type of business are you planning to open?

Is your business providing goods and or services? Are you planning it to be a back office or front office? How much space do you require for it? How many people are going to work for this business? How many customers are you expecting to support your business?

Q: Who is your target customer?

We can classify target customers into various categories:

• Income: Low, middle or high.
• Age: 0-5, 6-12, 13-18, 19-30, 31-50.
• Engagement: Customers visiting your business place, making phone calls or online contact in any form (website, social media etc).
• Type of customer: Whole sellers, retailers or consumers. You can check with the categories listed above to see if the house you wish to purchase will be suitable for your business.

Q: How big is your business?

We can establish the size of your business based on the amount of capital and assets you have acquired since the start up your business to present day. However, what you should consider is the size and type of house you wish to purchase and if it is an appropriate match for your business. Similarly to houses for living purposes, bear in mind that you should utilize the house to its full capacity.

Q: What is your business plan?

It is best you consider ahead of time how long the house can remain suitable for your business. In the case that your business grows or does not grow, how will the business affect your house and vice versa?

Location:

Q: Which area is it located at?

The location should be easy accessible or easily found by your customers whether it is a back office or a front office.

Q: How does the location connect/interact with other institutions?

Other institutions such as schools, universities, pagodas, hospitals, markets, downtown shops and the like are very important to consider if your customers frequent any of them. In this case, it is important to choose the best spot for your house where it links to nearby institutional sources easily.

Q: How busy is the area? What is the peak hour like?

Busy areas can be both advantageous and disadvantageous for your business location. If the traffic is always heavy in front of your workplace it may be degrading for your business, but if the area is bustling with people exploring the vicinity for different purposes, there is a higher chance your business will be frequented by more people. What time is the peak hour and how does it affect your business?

Type of House:

Q: What type/style of a house is suitable for your business?

This solely depends on your business and whether the feature, size and space matters for the business or not. A large business such as a grocery store may wish to purchase an area with lots of space to stock its goods, where as a small bakery may prefer a small space to sell its goods.

Q: What size do you need?

The size refers to the space of the house. How much interaction within the house is necessary for your business? There should always be extra space so that your business will run smoothly to accommodate any expansion as it grows.

Price:

Q: What’s your expected price of the house?

Your expectation of the price of the house you wish to purchase should be matched with your expected business capacity.

Q: What is the current market price?

You can check the current market price of house by checking the price of similar houses around the area or areas in similar condition.

Finance:

Q: How much money do you have in hand?

No matter how much money you have, you need to establish a budget plan to avoid hitting any obstacles.

Q: How would you like to pay? A pay off? In installments?

If you have enough cash in hand and you do not wish to pay the interest then you may be interested in a pay off. However for a business you should consider paying in installments as you can spare some money to support your business. If you wish to pay in installments, you should consider your income statements.

Q: What is your income statement?

Your income statement(s) are important because you need to know if you can still afford your living expenses after you have paid the installment for your house. You can consult with our credit consultants located in various cities across Cambodia.

Q: What financial institution you may consider?

Some houses, for instance like Boreys (private housing compounds) allow you to pay in installments, or you may seek the help of financial institutions such as banks or microfinance institutions. However if you decide to receive financial assistance from a Borey, there are some points you must consider such as the type of property title, credit of the property developer etc. Some microfinance institutions are specialists in housing loans. You may need to consider which financial institution can provide you with the best service along with appropriate long term installments and an acceptable interest rate.

Q: When is the estimated break event-point expected to take place?

It may not sound positive or encouraging when you think about the break event-point as the price of the house can be much higher. It is important to remember that it is completely fine if your break event-point with the house is long term, because the value of your house is always growing as well. So do not worry, and continue enjoying life with your business.

Make sure that your home is ready for this season’s rainfall with the helpful guide. It is as important to protect your home from the rainy. It pays to plan ahead of the rainy season to be prepared but it is better than to fix after everything is broken.

1.​​ Be prepared

It might look sunny outside but the weather can change quickly during rainy season. So never risk it and make sure that you shut all your windows when leaving your home.

2. Get watertight

When it rains it pours. And sometimes it feels like it is coming in from all directions. Therefore make sure that all the seals of your windows and doors are watertight. Even the smallest gap can allow water to seep in. So after it has rained check all windows and doors for evidence to know where needed addressing. Rubber sealant is a great temporary means to fill any small gaps and can easily be removed before a more permanent solution is found.

3. Clear gutters and drains

Should you be living in a house in Cambodia it is important to check that the gutters are clear of leaves or any other debris that can restrict the flow of water. Any blockages will cause rainwater to seek alternatives routes that could result in overflowing causing damage to your home. Likewise it is important to check any drains such as those in your toilet, as much of the flooding in Phnom Penh is a result of the drainage not being able to cope with the sudden rise in surface water during rainy season. Remove any debris and should you not be able to clear it yourself seek the help of a professional who will be able to clear it with the right equipment.

4. Check the roof

Again applicable to those living in a house but one of the main culprits of water damage is rainwater coming through the roof. Due to the volume of water that falls in a short space of time, damage can be quick and may need to result in work inside too such as re-plastering. Ideally you should get your roof checked once a year to identify any problems. If not you will quickly know if there is a problem when the floodgates open.

5. Prepare for the worst

It might sound over the top but be prepared for flooding. Make sure you are stocked up at home with plenty of drinking water, have alternative means to light your house such as candles and torches in case there should there be a power cut, and make sure you have suitable waterproof attire ready for when you need to venture out. If you live in a house that is prone to flooding then it is advisable to stock up on sand bags too.

6. Move upwards

If severe flooding is expected there may be nothing you can do to protect your home if you live on the ground floor. But you can protect your belongings by ensuring that nothing is placed on the floor should water enter your home. Move furniture to an upper floor if you can or stack items on top of one other. Place important items together in a waterproof box and store somewhere least at risk from getting wet. These are extreme measures but always worth considering just in case.

A lot of single Cambodians do not own a home until they get married. They always think that buying a home/condo is the task that they should do after marriage. They find that their single lives should enjoy what they can earn without caring of paying a loan while they would feel risky to take a home mortgage/loan alone. However, a number of them turn to buy a home/condo when they have sufficient money or they think they could manage a home loan from any financial institutions. There are a few reasons that a single person should decide to buy a home/condo.

1. They want independence

Single persons, especially men, want to buy a home/condo when they feel they do not want to live with their parents anymore. They see that when they own a home/condo they can hang out late at night without disturbing their parents to open the door for them. By nature, they are at the age that they are eager to do everything self-sufficiently.

2. They feel proud

Owning a home/condo in a single life makes them and other people around feel proud of their capability as there are not many people who could do this. This could be strength for them to work harder for more income and success in their life.

3. Feel ownership

When they live in their own home/condo, they will be able design and decorate in which style they prefer in every part of their home. Moreover, they can buy any furniture to install in their own home. In contrast, when they live in a renting room/home, they will not be able to do anything and to how longer they stay, it will still be the property of another person.

4. Start to save more

Quality home/condo is not always cheap! When they need to use a big amount of their own money to purchase or to repay a mortgage/loan, they will commit themselves to spend less on some insignificant things such as new brand of clothes or hanging out at night because they would not want to be in debt for long time at all.

5. Availability of mortgage/loan

They can firstly start to calculate all budgets in their hand to know if it could cover the cost of their dream home/condo. If it could not, they can consider taking a mortgage/loan from any MFIs or banks with proper interest rate and conditions based on their income and work stability.

People are struggling every day for money because it is the core source for people to have a good living. A number of people do not usually take care of their budget management why they lose an amount of their finance on unnecessary things especially during tough times such as COVID-19 pandemic of global financial crisis. Below are some key tips for you to occupy your budget more effectively during tough times:

1- Evaluate the Budget

It is an important step to understand your current financial situation and challenges or if your income will remain stable or not in the following months, so that you can preserve plan B to prevent any effect on time. For example, if you know in advance that you are about to lose job because of the disease outbreak or your company is bankrupcy, you should start to consider what type of job you want to seek for. Also check how much your emergency fund shall be used if the bad scenario happen. You need also to be clear with your monthly expense and what they are mostly spent for in order to make it balance with your income.

2- Figure out Solution

After identifying challenges/problems from your evaluation, you can start to brainstorm for options to solve each specific issue. Go through your list of things that are causing financial stress that you can do something about. Then prioritize which ones are most important for you to tackle first. For instance, you can take a deep breath and commence to reduce unnecessary expense for payment your food, water and electricity bills or increase income source such as looking for a freelance job instead.

3- Be Frugal on the Nonessentials

Money is the worthy thing in all circumstances so you should save as much as you can. During hard times, you should not spend much on unnecessary things such as new series of well-known brand clothes, phones, cars, etc. while travel restriction is also in place. Making food at home also make you save more than eating outside and the food is even safer and healthier.

4- Review Your Debts/Loans

Financial institutions/Bank offer a range of measures to assist clients when they meet short term financial crisis. If you have a mortgage/loan and are worried you won’t be able to make your monthly repayments, contact your lender immediately and they will be able to tell you what your solutions are.

5- Reserved Work

If the hazard makes you lose your income/job promptly, you should have a quick backup plan for your work. This is a way that you could respond to such financial shock. You can start with an online business/work or any part-time careers in order to get some profit to ease your daily expenditure.

6- Emergency Plan

Emergency fund is crucial for any serious unforeseen affect. You should extract a portion of your income to reserve for this fund. When there are any emergent cases occurring in your tough times and you don’t have this fund, it will be really hard for you to find any immediate support.

Even though the location is a favourable choice when buying “vacant land”, it’s also essential to pick proper land before building a house as far as Feng Shui is concerned. It’s believed that good land will bring prosperity to homeowners and family members. Based on Feng Shui, landscape and direction are criteria for selecting land. On the other hand, land with low Feng Shui energy will also affect the owner. Let’s see how Feng Shui principles are given for choosing land.

1.Check the origin of land

Traceback the history of the land before buying to see how it had been used. Good land is considered not to have business operations relating to sickness or death before, such as slaughterhouses, hospitals, murders, house fires. Besides, there must be no dead people in that land. If there is, a religious ceremony should be arranged to perform spiritual worship. Moreover, the former landowner must intend to pass on the land to a new owner because some lands are cursed of death spells by the ancestors if the new owner is not their family member. Based on Feng Shui, the land that has been utilized will be powerful and that energy still carries on when the land is shifted to the new owner. Therefore, it’s advised to trace back the origin of that land before making buying decision whether the former owner is well-being or distressed. For example, land used to be a factory, and then the owner sold it to buy new land for business expansion which means that land is full of positive energy.

2.The nature of the land

A piece of land in a square shape is the best as space can be fully utilized and easily structured. It’s ideal for operating all types of businesses or building residences because of little few limits of construction, and it has a resale value at a highly competitive price. The second-best land is in rectangle shape, especially where its width connects to the main road which is suitable for commercial business due to several entrances and exits. In addition, the rectangle with a narrow front and deep length will best fit a manufacturing plant or house because of privacy. However, referring to Feng Shui, it’s better not to choose land in triangular shape or pennant as it implies insecurity which will bring sickness or failure business to the landowner. When considering utility, triangular land doesn’t provide many utilized functions and it’s more difficult to resale it when compared with other shapes of the land. It’s also good to avoid sloping land on one side or the other because it creates pain points in construction and car skidding accidents, and it’s costly for land amendment. Feng Shui considers sloping land like you have a hole in your pocket. Anyway, good land is where the sunlight shines through, free from flooding and far from still water sources. Also, the good land must not be located at a dead-end or blind alley.

3.The surrounding area of land

A good land must be opulent and surrounded by roads, streets, rivers, full of people passing by and where travelling is easy and convenient. As land is like a life cycle, its location is good for business and earning money because situated in the bustling community area. It’s also advantageous for being easily approachable. The land will be even better if it’s adjacent to the main road and inauspicious area. Moreover, the land with too many entrances and exits is considered unpleasant because Feng Shui energy easily leaks. The rear of the land must not be a road, river, or canal. If there’s a road or canal, they shouldn’t be close to the house fence. It’s essential to check the surrounding area of land whether there’s an abandoned house, garbage pile, overgrown forest, graveyard or crematorium, orbital location, etc. Those unwanted matters will destroy the landscape and it’ll be difficult to resale that land. Feng Shui believes that property encompassing the land can deliver negative power to the nearby land.

4.Direction of land

Avoid choosing a land facing to the West as it’s in the hot zone where sunlight shines throughout the afternoon. That will make dwellers or salespersons live unpleasantly over there. The solution is to plant trees as sun shading or build a pond in front of the house or residence to reduce heat.

5.Check if the land has never been a public passage

A good land must never be used as a public passage for local people. Feng Shui believes that if people can walk past, the spirits can do that as well.

6.The land is not straight to the triangular road

Feng Shui considers a triangular road a ghost passage that is unsuitable for business operation or staying. In fact, the triangular road may possibly cause car accidents and it’s hard to find parking space. Finding desirable vacant land is certainly not easy and even harder to find one matching Feng Shui rules. Therefore, don’t worry if you get a good piece of land but some elements may not match Feng Shui’s belief. Feng Shui is basically a guideline to choose the direction and landscape of the land. If you need a loan to buy land to build a house, you can find more information at this link: First Finance

Credit to: www.baania.com

There are effective techniques for paying off your short-term debt so you can focus on other financial goals. These steps can help you get started.

1. Rework your budget

Start by finding extra money in your budget. It doesn’t have to be a lot, but it does have to be enough so you can stop adding to your debt and start paying off the amounts you owe. There are lots of money-saving ideas out there, and every little bit can help. Instead of buying books, use the library. Bring lunch to work. Combine your auto and homeowners insurance policies to receive a discount, if possible. Start with one or two strategies. Once they become habits, consider adopting another. This frees up money you can put toward your debts.

2. Earn extra income

In addition to limiting expenses where you can, you can also begin earning extra income that you’ll use to pay down your debts. Consider taking on a side job to earn extra money. Look for short-term work you can do when you have free time. Registering as a deliveryman, freelancing online, walking dogs or tutoring students are all great options that you can start doing efficiently.

3. Categorize your debts

Make a list of all the debts you have. You can sort these debts in one of two ways: from the smallest balance to the largest, or from the highest interest rate to the lowest. Once you have them listed in one place, you’ll be able to choose your strategy for paying them off.

4. Choose your payoff strategy

There are many strategies for paying off debt. Some people find that paying off a smaller debt is very exciting and gives them the momentum to keep going. However, the debt with the highest interest rate costs you the most money over time. Remember that you aren’t stuck in your choice; as long as you’re paying your minimum balances, you can change your strategy for paying off the rest at any time.

5. Reduce other debt

Refinancing can free up money you’re currently paying toward a loan by lowering your interest rate. When you refinance, you’re replacing your original loan that has a higher interest rate with a new loan that has a lower interest rate. If you have debt like a moto loan, student loan or any personal loan, you can refinance it and use the extra money you were paying on it to put toward your short-term debts.

6 Keep a record

Make sure to keep a record of how much you’re paying off so you can see your progress. This will help you stay on track and will give you encouragement to keep going.

Making the decision to purchase your first home is a major life milestone. Whether you’re buying an existing house, purchasing a new home is an exciting and challenging process. For many first-home buyers, most of the headache of buying a new home is in the early stages of working out finances and getting a home loan. The number of options on the market combined with competing information spread online and by word of mouth only complicates matters further. Read on 4 tips to secure your first home loan.

1. Know how much you can borrow

Before you start searching for your dream home, it’s important to know how much you’re actually able to borrow. The size of the home loan you can take out will depend on your income and financial situation, and determine what sort of property you can buy (Borey, Condo, Flat…) and where. To work out how much you can borrow, find out with a representative person at any bank, and work with them to determine a figure you can use as a guide. If you’re keen to start your house search sooner rather than later, use the loan calculator to calculate the amount of money you can check in: First Finance Loan Calculator.

2. Shop around

Shopping around is the key to getting the best interest rate. Before entering a home loan agreement, always check in with multiple providers to see which can provide you with the most competitive interest rate and meet your other needs. Beyond the interest rate, other factors to consider include associated costs, fees, property valuation fee, monthly repayment method, partial prepayment condition, grace period, locking period, paid-off condition and customer service, in addition to the different types and features of available mortgages.

3. Get the necessary documents in order

If you’re buying a house, your lender will request a list of necessary documents before you move to the application stage. This list will vary from lender to lender, but typically includes proof of:

• Identity
• Income
• Assets
• Liabilities

Having these documents ready and in the correct form can save you a lot of time during the home loan application process.

4. Research potential additional costs

Before diving headfirst into buying a house, it’s important to note that mortgage repayments will not be your only responsibility. Additional costs may include:

• Stamp Duty Fee– As stamp duty is collected by the local authority, a rate may vary. You have to pay for stamp duty on hypothec registration or/and stamp duty tax for property transfer. Please check with the local authority and tax officer or consult with the bank/MFI’s staff if you are not sure about those fees.
• Legal Fee- Some lenders will require you to pay for a legal fee.
• Property Valuation Fee– Most lenders will require you to pay out of pocket. Generally, this is a valuation of the property you are using as security when you apply for a home loan.
• Credit Life Insurance and Fire Insurance – An insurance policy that protects the customer from the event that can’t keep up with their home loan repayments by accidentally dying or house fire as cannot be seen in the future.

Source: betterbuilthomes.com.au

Buying a home is a great achievement. While it may sometimes seem challenging, the many benefits that come with owning your own home make it all worthwhile. In the short term, renting may seem like the best option, but here are five good reasons that owning your own home can create real value for you over time.

1. You’ll build equity

Your equity is the amount of the value of the property that you own. It grows when the market value of your home increases (or when you make extra payments on your mortgage). When you own your home you can potentially leverage your own equity and access it by redrawing on your loan or borrowing on top of your equity with an additional advance or with mortgage refinancing. These funds can then be used for a variety of things from renovating your property to buying a new car or even to go on a special holiday.

2. You’ll have living security

While renting, your family’s stability is based on the decisions of a landlord, who may suddenly decide they no longer want to rent their property out. Moving house is expensive, inconvenient and it can be pretty emotional, especially if you have to shift unexpectedly. When you own your own home, you can sleep sound in the knowledge that you call the shots. That’s priceless.

3. You can create your dream home

Landlords aren’t usually happy for tenants to renovate their property, even if you think you’d be improving it. When you own your own home, you have complete creative freedom – you can decide to completely renovate the bathroom in a jungle theme or paint the walls in super bright colors without worrying. Home improvements generally increase the value of a property, so if it is your place, when you sell every dollar that your home has gained in value (thanks to your hard work) will be money in your own pocket!

4. You have more control over costs

When you’re renting, your landlord can decide to increase your rent, leaving you with little choice but to accept it or get hit with moving costs. While homeownership comes with different expenses, like mortgage repayments and rates, these aren’t likely to rise by large amounts unexpectedly.

5. Your mortgage repayments are a way of saving money

While it might not always feel like it, your mortgage repayments are a way of saving money. Most repayments include principal as well as interest, which means you’re putting some money towards owning more of your home. While renting seems to be cheaper, you won’t get any of that value back in the future. When you’re deciding whether to continue renting or to buy a home, there’s a lot to weigh up. Speaking to a financial adviser can be a great way to help you work out the best way to meet your financial goals. If you decide that buying a home is the best choice for you, contact First Finance to discuss your home loan option on 093 666 635 or Messenger to First Finance.

Source: http://www.pepper.com.au/lending/help-centre/getting-started/5-real-values-of-owning-a-home

The mortgage loan is the long term loan which is required high committment and afford in managing it. Below are the point that you should consider when you envolve in mortagage.

1. Reduce your principle

Another way to pay off the mortgage early is to reduce some principles. Check with the lender if they have an option to do partial payment without penalty. Try to prepay at the beginning of the loan when interest is the highest. You may not realize it, but the majority of your monthly payment for the first few years goes toward interest, not principal. And interest is compounded, which means that each month’s interest is determined by the total amount owed (principal plus interest).

2. Round up your mortgage payments

Another way you can help reduce the term of your mortgage significantly is to round up. When budgeting for your mortgage payment, round up to the next highest $10 amount. Pay $300 instead of $296. Or $680 instead of $671.

3. Use unexpected income

Send any unexpected windfalls straight to your mortgage company. This includes annual bonuses or a third teen month’s salary.​ etc. Using this money won’t cut into your regular monthly budget.

4. Refinance your mortgage

If interest rates decline, you may be able to reduce the amount you pay toward interest by refinancing your mortgage. Additionally, you may also elect to reduce your loan term significantly.​ Please consider to factor in all related cost such early paid off penalty and other fee to make sure that you make the right decision.

Before applying for the loan, you should look at many aspects either from your site or lender site. there are helpful 10 questions that can have you to do pre-assessment by yourself before applying for the loan.

1.How much should I borrow?

The minimum and maximum borrowing limits are set by each lender and the amount of your loan limit depends on your creditworthiness. Ask yourself about your needs. If you’re taking out a loan for something just nice to have, like a vacation, you might want to consider building towards that goal by opening a high-interest savings account. However, if you’re consolidating debt which you got from buying a new house or buying land or start-up or expand your business. Borrowing more money than you need ends up making the loan more costly over time. To calculate how much money you should borrow, add up all your debts to come up with the best of an ideal loan amount.

2. How long will it take to get the money?

Depending on the loan amount, type of loan and application time frame, there may be a waiting period before you receive funds. Some loans process within 48 hours, but others such as home loans may take a bit longer like 1 or 3 (week). Take these periods into account when deciding which loan product to apply for.

3. How do I know what my current credit score/credit history is?

Your credit score/credit history is a major factor in determining whether the lender will approve your loan application since credit is an indication of your ability to responsibly repay the loan. All your loan repayment history was recorded at the Credit Bureau of Cambodia (CBC) whether you paid late or on time. . If possible, check your credit report before applying. Dispute any inaccuracies in your credit report to ensure the most accurate representation of your creditworthiness.

4. What is the interest rate on the loan?

Depending on your credit score and other factors, the interest rate may impact your decision to borrow. Think of an interest rate as an expense for borrowing money from a lender. The amount of interest is bundled with your payments. Be sure to ask about how the interest rate affects the cost of borrowing the loan before signing the paperwork.

5. How does the loan repayment work?

Your repayment plan, usually monthly, will impact your day-to-day finances. Is it set at a rate you can handle without worrying about missing a payment? Your monthly payment will depend on the amount of the loan, interest rate, and term of the loan. Make sure you know your monthly due date and when those payments start. The monthly payment should not exceed 40-50% of your monthly income. Additionally, you should also ask your lender if there are penalties for prepayment or early payoff and how much is it.

6.What is the term of the loan?

It’s important to consider the term of the loan and whether it works for you in the long run. If you don’t mind paying a larger monthly payment, you may want to choose a shorter timeline. On the flip side, taking out a loan with a longer repayment timeline usually grants a smaller, more affordable monthly payment.

7. Are there any fees?

Some lenders offer loans that include origination fees, which are a percentage of the loan amount. Some banks also call this a processing fee. Is there any hidden fee that the bank will not disclose yet? Make sure to factor these in to decide whether a loan is worth it.

8. Does the loan require a guarantor?

Some lenders may guarantor a guarantor on a loan, which could help an applicant get approved for the loan. With a guarantor, if something happens and you are unable to make payments, the guarantor can be held responsible for the repayment of the loan.

9. Does the lender allow to have a co-borrow?

There might be a good opportunity for you such as buying a home, but your income is not enough to get the loan amount you have planned. Does the lender allow you to bring your family member in to share your responsibility to pay the loan? They will be called co-borrower. Please note that co-borrow must have a stable income that could handle the monthly payments for their responsible amount.

10. Is this a trustworthy lender?

Check the lender’s history and reputation through visiting their website or social media channel, if it is working under National Bank of Cambodia licensed. The formal financial institution will provide loan products that adhere to high-quality standards​ and to client protection principles. Some of them even provide a grace period to clients when they face short term financial hardship. Credit to: www.santanderbank.com/

There is a small family- husband and wife with two little kids had taken a look at a house they want to buy. They had spent one hour observing around the corner of the house and then negotiating the price with the owner. They love the house very much since it is new building with nice furniture and acceptable price. After taking a look, they plan to come tomorrow for purchasing contract. But as they were about to leave the rain poured down heavily prevented them from leaving. After waiting for one hour in the house while it was raining, they decided not to buy the house. Why did they decide not to buy the house? Did the rain do anything wrong?

Truly when the sky is clear and sun is shining we can see the full beauty of the house which is attracted for us to settle down in there. But please remember that we do not live in the house only in good time or nice weather but also in bad weather like heavy rain, storm, dark, and so on. Therefore, I believe that we should go to take a look at the house we want to buy during or after raining because we could see everything and what is exact about the house. Moreover, the house owner would be more powerless in rising up the price while we the buyer have more power to negotiate the price.

What are the advantages of rain for us when buying a house?

1. The rain will show the quality of the roof

For some roof we could see by our eyes, as we stand on the ground, if the roof missing tiles, or different in color, or was fixed, or curling up, or broken flash but for some roofs we need to claim up to check in order to see the truth. Another simple way is to get into the house and check the ceiling if it has ever touched water from the roof or check the wall if the water has ever flowed through. Right after raining, we could clearly see the quality of the roof.

2. The rain will show the quality of drainage system

Good roof is good for preventing the rain get into the house from above but we also need good drainage system to drive water away as quick as possible. Otherwise, the flood water will destroy your house foundation and road. Below are the factors we should check after raining:

The trash in front of the house: Will the trash prevent the drainage? Or if people leave the trash near drainage system?

• The drainage pipe in front of the house: How big is the drainage pipe? How many drainage pips are there in the area?
• The drainage system in the house: We can try to open each tabs in the house to check the quality of drainage in the house. If it is good it will flow quickly and vice versus.
• The foot of the wall: By taking a look at the foot of the wall both inside and outside we can see the scare by our eyes that flood left on the foot of the wall if there are any.
• Location: In a certain location there could be different slop so the water will surely drain to the lower slop. If your house is located in lower slop you should re-consider your purchasing.

3. The rain will show the drainage system in the whole area

After the storm the sky is clear but in Cambodia after the storm the flood is full. It is normal if the flood happens after raining but we should consider the level of the flood, the side that it cover, and how quickly it drain? Most important thing is how bad is the traffic jam in that area?

4. The rain will show the quality of the house material/equipment

When we see a new building truly we see everything new and nice but it does not mean it is good quality or well installed. After 5 years we will see its quality clearly but we cannot wait until 5 years to make decision so we could check some factors to see its quality.

• The factors that we should check after raining are: The painting color: if the painting color is good quality the wall will not change its original color when touching the rain but It will quickly get dry.
• The doors and windows: when the rain comes, the wind would blow so we should check the installing quality of the door and windows and see to it if it is watertight.
• Electrical pillar: electric system in Cambodia is limited so we should be careful and take care ourselves. Please check the electrical pillar in front or near your house if it is well installed or organized that will be able to face the strong wind.

5. The rain will show your true feeling to the house itself

That same family which we just talked about above had taken a look at another house. The house is not new construction but not too old. They had taken a carful observation as it is not new because they were afraid if there is something unacceptable to live in. After a careful look, as they sat down negotiating the price the rain came.  Since there was raining out there prevented them from leaving they just laid down on the sofa drinking hot tea and watched TV. The kids also played around and even took a nap. Right after the rain stopped they inspected the house once again and finally found out something they will need to work on if they buy but they finally decided to buy because they felt like at home while they were waiting in the house during the raining.

Welcome, if you just have moved into new place!

Congratulation, if you just have started a new family – the newly marriage!

Proud of you, if you just have grown your family members! We know that you might be looking for a very nice place to prosper your family life. Here are some tips for you to decide if you should rent a house or own a house. There are pros and cons to renting a property, just as there to owning a home. Both options have their own advantages and disadvantages, for example renting allows you more expendable money in the short term, while owning a house gives one the sense of security as it is considered a long-term investment. Let’s look at all the pros and cons of renting and buying a home. This will help you make a well-informed decision of what will suit you, right now.

Advantages of buying a home Owning a home offers the long-term benefits of security, equity and potential growth in personal wealth The value of a home will appreciate over time and if you decide to sell, you can earn a profit off the sale. When you buy a house it becomes your legal property, which allows you greater freedom in its use without restrictions often enforced by a Landlord. Being a Homeowner allows you creative control of your property. You can alter the property, including decor changes, landscaping and renovations, to suit your needs and your style. You have the option of buying to rent which enables a Homeowner to generate income from renting out the property. This income can be put towards the home loan. Being a Homeowner who makes repayments on time can improve your credit history. To name a few, good credit history means lower interest rate and bigger loan you may obtain in future borrowings. You have the option to use your home as securities to borrow some money during urgent needs or to pay for major purchases.

Disadvantages of buying a home Being a Homeowner comes with huge financial responsibility including bond repayments and regular house maintenance. There are additional costs to homeownership and these usually include rates, taxes, insurance, and maintenance for which the Homeowner is responsible. A Homeowner runs the risk of not making any profit through resale. This is often caused by economic factors such as a recession or high interest rates, or simply through a particular location becoming less desirable. A Homeowner has less mobility when it comes to being able to move home than a Tenant who rents on a short-term basis. A Tenant can leave a property after fulfilling the notice period, which is usually one month. However, a Homeowner is likely to be dependent on selling their home before being able to buy a new one, and therefore it might take longer to be able to move homes once the decision has been made to do so.

Advantages of renting a home Renting a property allows more flexibility than owning a home. This is ideal for those who could be faced with sudden changes such as a job relocation. Renting requires no long-term commitment from a Tenant, and is the best option if you don’t intend on staying in one place for a long time. As a Tenant, there is the possibility of living in an area in which you could not afford to buy. Moving out is easier for a Tenant than a Homeowner as there is no stress of finding someone to take over the lease, or finding a Buyer to purchase the property as this is the responsibility of the Homeowner or Landlord. After paying rent, a Tenant may have additional money which they can use to invest elsewhere, whether it is saving towards buying a house or investing in the business, and need not worry about putting additional funds into a home loan.

Disadvantages of renting a home A Tenant is bound by the rules of the lease agreement, which can impact the freedom to use or renovate the property. You cannot make changes to a rented property without the consent of the Homeowner. Renting offers no wealth creation or return on investment since the property will never legally belong to the Tenant, and instead, the Tenant is paying towards the Homeowner’s home loan. When renting a property, you will have no control over annual rental fluctuations which are directly affected by inflation. There is no guarantee that a lease will be renewed when it expires.

By Michelle Roya Rad Peace starts from home. There are a few things you can do to improve the happiness level of your house. And while doing these keep in mind that just like you can affect your environment, your environment can affect you. Therefore, it is imperative to make your house feel like a home where everyone looks forward to coming to rather than staying away from. A few tips to follow if you want to make your house a happy house:

1. Your five senses need to be happy: The first thing you want to consider is to make sure all your five senses are happy in your home. Some examples would be pleasant smell in the house like the smell of homemade cooking or lavender oils, a nice sound level where people speak with a moderate tone of voice rather than yelling, a happy and relaxing music, water fountain, plants, fresh flowers, clean house, calm and playful pets, etc.

2. Color does affect the mood: Make sure the color of the house represent the mood you want to have. For example, for every 10 cold colors used, use one to two warm colors. Remember, cold is a color closer to blue and green and warm is a color closer to red. And you can use as much neutral color as you want. White is a great color since it has all the colors in it but too much white can be overwhelming. Therefore, use different colors in moderation and learn about color therapy and how color effects your mood.

3. Use the power of touch: Be intimate with your partner, be affectionate with your children, give constant hugs and kisses, and share and show your affection and love. Remember, love is not just something to have but something to share. Research behind the power of touch and affection is well documented.

4. Use positive words on a daily base: Start your day with writing three things you are grateful for. Put this somewhere where you and your family can see. This will train your brain to be grateful and happy.

5. Have reasonable expectations: Have a clear structure but at the same time tolerance and compassion in the house and teach others to have the same.

6. Get rid of all the clutter in the house: Go through your items once or twice per year and anything you haven’t used for a while, give it to someone who has a use for it. Your house needs to have space for breathing, don’t clutter it. Focus on quality. There are many charity places that will come to pick up your unwanted items as long as they are in usable condition.

7.Dinner time should be fun time: While eating, make sure you keep the tone of voice down and the atmosphere relaxing and happy. Dinner time is not a time to argue and bring conflicts out for discussion. Dinner time is a peaceful and happy time. There are specific things you can do to train your brain to be happier, when you’re happy, your surrounding will start picking up on that and will respond to it. Things like meditation, having gratitude, keeping a self affirmation dialogue, clear and honest but positive communication, having fun routines, being flexible, being tolerant, having a few healthy activities like dancing and exercise are just some of the ways you can implement to make yourself a happier person and to encourage others in your house to do the same.

School is back in session and we parents are either doing a dance of joy, struggling with separation anxiety, or most likely wavering somewhere in-between. Go ahead, take a moment and a deep breath, but don’t go throwing in the towel just yet! Sending your children to even the very best of schools doesn’t let us parents off the educational hook. It is important to continue to foster your child’s educational experience at home and to provide a learning rich environment. To do this, take a few tips from the profound teachings of Maria Montessori. Montessori’s educational method is based on an in-depth understanding of the child’s stages of development. With that in mind, here are six ways to create a learning environment at home.

1.) Keep On Reading! Establish (or maintain) read-aloud routines at home. Studies have consistently shown that children that grow up in “reading families” are more academically successful. Establish read-aloud routines at home. Make it part of your daily activities to enjoy reading aloud to your children, even if it’s only for 5-10 minutes at a time. Reverse the role with older children and let them read aloud to you. Don’t forget to keep yourself reading too. Children that see their parents reading are more likely to think of reading as a fun activity.

2.) Minimize the Clutter Trying to put too many toys or books out at once can create a feeling of chaos. Instead, rotate a limited selection of items every few weeks. Keep the rest tucked out of sight, ready to be discovered anew at some future date. Children learn best in environments that feel uncluttered and organized. An orderly environment is less distracting, enabling young minds to focus on one task at a time.

3.) Clean Up, Clean Up… Don’t underestimate how much children are capable of, even from a very young age.Show children how to put their things away in baskets, shelves, or cubbies that are within your child’s reach. Make it easy for children to succeed at returning things to their proper places. Demonstrate how to put things away, to get one toy, book, game, etc., out at a time and to put it away before getting another. Explain why this is important (…so things don’t get broken, so that you can find things, so that others don’t step on or trip over things, etc.) and encourage them to do so independently.

4.) Keep it Within Reach Have a child-friendly area in as many rooms of your home as possible. Provide low shelves and coat/towel hooks within reach. Have child-size tables and chairs in the kitchen and stools to reach sinks, etc. Place a few age-appropriate learning materials such as children’s books, art supplies and instruments in every room (or at least several rooms.) Smaller scale practical-life items such as dishes, utensils, and tools are a must. The more the child can do for herself (because she can reach it, lift it, hold it, etc.) the more you are fostering that vital thing we call independence. “The child’s first instinct is to carry out his actions by himself, without anyone helping him, and his first conscious bid for independence is made when he defends himself against those who try to do the actions for him.” ~Maria Montessori Resist the temptation to do too much for them, and instead, do more with them.

5.) Can I Try? Don’t underestimate how much children are capable of, even from a very young age. Resist the temptation to do too much for them, and instead, do more with them. Children learn confidence and self-reliance through participating in everyday activities at home. Knowing that they contribute and are productive members of the family, gives children an important sense of self-worth and belonging. Children build a stronger self-esteem through mastering new skills, which in turn leads to a more capable young person. “It is not what you do for your children but what you have taught them to do for themselves that will make them successful human beings. ”Ann Landers

6.) Continuing Ed Unlock your own “inner” teacher and develop enriching relationships with peers and instructors. Build on your existing knowledge and gain a deeper understanding of your child’s stages of development. Age of Montessori offers a convenient online Early Childhood Development course which you can enjoy from the comfort of your own home. This six-week course is perfect for parents who want to experience their child’s development through understanding, awareness, and joy. Age of Montessori also offers an online 9-month, non-credit Information Course for a more in-depth study of the philosophy and psychology that is the heart of the Montessori Method. Unlock your own “inner” teacher and develop enriching relationships with peers and instructors.

Have you ever been in a position where you needed to get your house sold fast? You have done all you can think of to make your house look more appealing: clearing out all the clutter from the garage, get all the carpets cleaned and made all necessary repairs. With every passing day you are anxiously expecting the perfect buyer to show up and make you reasonable offer. It could be a very frustrating experience. So, is there anything else you can do to get more offers for your home? The answer is Yes! There are some simple things you can do to speed up the sale of your home without having significant effect on the profit. This article will give you some inside secrets from real estate professionals that will get your home off the market faster than you can think of.

1. Improve Your Curb Appeal You are probably familiar with the expression: First impression last longer. Oh Yes, this is also important when it comes to getting a house sold fast. In other words, what will a potential buyer think of your home as he drives to your property for the first time? This is the time to walk out to the street and take a critical look at your home. Analyze it and look at the shortcomings. If you do not trust your judgment have a couple of friends do the same and ask for their opinion. This might be the best time to have those maintenance works that you have always been putting off. Make sure your landscaping is well-groomed as well, and your lawn mowed. Also, make your driveway and exterior walls as neat as possible. Curb appeal is what draws potential buyers to your home. Thus, if you put in extra effort in making the exterior of your home clean, you have a high probability of making interested buyers take a tour of your home.

2. Know Your Home’s Selling Point This is a very crucial point to consider in getting your house off the market as early as possible. In a bid to sell your house fast, you should know what makes your house stand out. I am sure you will agree with me that every home is unique in its own way. Remembering why you got the house in the first place, could be its selling point. What do visitors love most about the house? If you are having a bit of trouble locating your house’s selling point, ask for a real estate agent’s help. Identifying the selling point is really useful when marketing your home to potential buyers. Is it bigger than neighboring homes, closer to the zoo or gym? This will give your house more value and credibility to potential buyers.

3. Depersonalize Your House Try not to take it too personal. We know that you have a lot of history and memories in the house. But if you desire to get it sold as soon as possible, it is time to depersonalize it. Depersonalizing the house means you are getting it ready to prospective buyers. You could do this by removing family photos, collectibles, etc. Remember, you want your prospective buyer to feel welcomed and imagine themselves and their family in your house not yours. Keep your home as simple and neutral as possible. De-clutter the storage units if available and also get rid of excess trinkets and junks. Make your house clean and welcoming. Keep the canvas blank such that prospective buyers will be able to visualize their dream color on it.

4. Avoid Bad Odors Little things could turn off prospective buyers. In other words, bad smells could also sabotage your effort of getting your house sold. As much as possible, try and fix the source of every bad odour by Clearing drains and wash bins Allowing enough ventilations Get rid of old cooking smell in the kitchen Get the carpet cleaned – possibly through available carpet cleaning services Get rid of old furniture etc. On the other hand, a good smell makes your home feel worth getting and also attracts prospective buyers. While you might not be able to bake bread or cake for every interested buyers, perhaps some freshly brewed coffee will do the magic.

5. Offer reasonable Price Choosing the right price is one of the factors that determine how fast your house gets sold. This is where a real estate agent comes in. Many people like to bypass the realtor believing it would save money in the long run. This is not usually true always as a good realtor will save you time and money. There are several values in getting a realtor. Setting the appropriate and reasonable price is one of them. As much as a realtor gets a certain percentage of the selling price, it is in his best interest to determine the perfect price for your home. Like you, they desire the highest possible commission within a reasonable time. Thus, their knowledge of the local market will make them set a realistic price. They also have access to more platforms, like estate block, for listings of your house. Do not be tempted to start with a very high price as you might end up shooting yourself in the leg. An overpriced house could sit on the market for a long time, a situation that might scare other potential buyers away. Most buyers, and even agents, will assume that something wrong with house already categorized as old listing. So, if you need to sell your house fast, consider starting with a reasonable price.

Purchasing a house is a very important decision that demands time and thorough thinking regarding such factors like the title of the house, quality, size, location, environment, and financial plan etc. For first time house buyers, they may face obstacles such as lack of knowledge regarding the risk of the property’s title, legal processes, or even simply in seeking the right financial institution that can cater to their available income. “Purchasing a house means providing safety and happiness to your family, however the investment will also return a profit in the future which is why we encourage you not to wait until you have enough money to purchase a house, because you can seek financial assistance from a financial institution” said Mr. Heng Sakada, Head of Credit of First Finance Microfinance, which specialize in providing housing loans to low and middle-income families in Cambodia. Mr. Heng Sakada continued, saying “In terms of seeking mortgage loan from financial institution, we should not focus on the interest rate as the sole factor to consider, especially for low and middle-income families, they should consider the following factors. Firstly, the repayment option: decide whether it is convenient and time saving to pay the installment or if you have to go to the office for every payment. Secondly, The fee: the fee is the expense which is covered by you, hence why you need to find out if there is an extra or hidden fee need to be charged when taking out a loan. Thirdly, The Loan Tenner: the length of the loan term can be an impact to a monthly installment plan due to the fact that the longer an installment is, the less you are stress to pay for the installment plan each month. Fourth, Partial Prepayment Condition: distinguish whether the conditions are satisfactory or complicated; how much is it possible to pay partially if a client wishes to do so? Fifth, Repayment Methodology: see to it that if clients have the choice of installment plans according to the cash flow and ability to make their payment, either client could pay a fixed principal payment or an equated monthly installment. Sixth, Favorable Conditions: does it have a grace period in the case that the client may face financial problems in a short time period? Can they change their payment schedule?” Mr. Sakada added that buying a house is typically a long term loan tenner that can last up to 15 years, so within this period a client may face some financial obstacles, hence this is why choosing an appropriate financial institution which provides the right conditions and the right skills in providing housing loans is a very important because you can then be certain that the institution can provide excellent consultation and the respective legal advice required.