How can I get a loan for my house? Maya shares her golden 5-step plan.
Hiyalo finally launches its beta phase on the 1st of October
It was another sultry afternoon, and today Maya was sitting on the balcony avoiding trouble as usual. Working from home was fun! To celebrate her new position, she had gotten herself an enormous pack of sweetened milk, one tall bottle of groundnut, and her favourite loaf of bread. If it wasn’t for her new repentance from alcohol, Azul tequila drink would have been on the menu—if you think this has anything to do with lack of funds, you’re a hater.
Everything was wonderful, and Maya was scrolling through the internet looking at house prices. What if she took a loan to buy one of these houses? She pulled up her calculator, imagined her salary if she got two more of the promotions, and went to work calculating percentage interests and researching mortgages. Thirty minutes into her celebration feast, Beatrice walked in panting, her suitcase in hand. “What happened?” Maya asked, trying to keep the bottle of groundnut out of sight. Beatrice was her roommate, or rather her kind friend, who had let her squat since she moved to Lagos. She had recently left Maya to move in with her boyfriend–no, he wasn’t a boy, more like a married man in his 40s.
“You will not believe that man’s wife showed up and tried to beat me.” She spoke in a voice that was hoarse, probably due to all the shouting that must have happened. “How did she find out where you were at?” I asked, feigning interest even if I was sad that she cut my celebration short. Her wig was in upheaval and I could tell that she had sighted my mini-feast. She was pulling off her wig while reaching for the bottle of groundnut. I did not know if it was the aftertaste of the milk but the taste in my mouth had gone sour.
“She met us in the house now, where else?” she tilted the bottle of groundnut over her mouth, somewhat gulping a lot of it. I had not even eaten that much since I bought it. Beatrice was my best friend, but she ate like a thief. “Wait, you were in her matrimonial home all this while?” I said, trying to mimic a high-pitched, curious voice. She had my bread in her hand. She was pressing on it. “Yes o, that broke man. I’m just managing him. I’m sure it’s that his deeper life neighbour that reported me to his wife.” She had been kind enough to pour the Hollandia into the glass cup. Taking a sip between each mouthful of bread and groundnut. “I thought you were lactose intolerant, Beatrice?“ Of course, her health did not bother me. I just wanted her to let go of my celebration meal. “I am going through a lot. If the milk will kill me, let it kill me. Don’t stress me, please. Do you know who will borrow me money? I want to buy a house. I am tired of these old men embarrassing me all over Lagos.” Beatrice said, looking at the groundnut bottle, which she had greatly decimated. “This groundnut is sweet o. Let me not finish it for you.” She said while taking the last swig and sending more groundnuts into her mouth.
Maya pulled her up phone. “I was doing a bit of research just before you came in. Let me tell you the steps I have decided to take.”
“Step 1 on how to get a loan for my house (also known as a mortgage) is to make sure you have all the important documents that will be required. An example is your income statement. Many of these companies will ask for account statements going as far as 6–12 months.”
“Step 2 on how to get a loan for my house is to research all the available mortgage companies. While researching these companies, it is important you look at their interest rates and all the other charges. Be sure to ask about any extra or hidden charges not to get ripped off”
“Step 3 on how to get a loan for my house is to pick a property that you wish to secure with this loan. You should check out the five best places to live if you are planning on staying in Lagos like me and also consider these five factors before taking a house. Click on the bold links to get insights on those”
A notification came in from Hiyalo—the best platform to search for affordable housing. They were launching their beta test on the 1st of October. You can sign up here to be a part of the test and follow the publication to stay updated.
“Step 4 on how to get a loan for my house is to get your down payment (also known as Equity). Many mortgage companies often request that you initially pay 25–50% of the house value before they can loan you the rest of the money”
“Step 5 on how to get a loan for my house is to make sure you go over all the legal details. Then draft a long-term plan on how you plan to pay back with ease”
By now, Beatrice was clutching her stomach and grimacing. Like many scapegoats before her who have been adamant about satisfying their cravings while risking their stomachs, she was in a state of pain. “Maya, I don’t have a 25% down payment for a house of 70 million naira, but I have something that will fall down if I don’t get to the bathroom” She dashed into the house still clutching her belly. Now that I was alone. I realized it was a long way to owning a house, but at least I knew 5 steps to get a loan for my house if I ever needed to.
Hiyalo would get me into my dream home eventually. I trusted them. September was barely over, but I was more than excited to see what joys were in October. My calendar was marked. October 1st, it is!
