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RE: CONTEST Looking Back/Look Forward 3.45
I think 10 years isn't long to be free of debts if it comes to a house of your own. Here it would take a lifetime and many do not even see it as debts because it's for their house but these days it isn't easy to pay off. The banks make you loan, they offer it to students to be able to study. The result" 100,000 euros debt at the age of 18. What kind of life is that?
Instead of rent you pay your house off and I see a bright future for you and your child if you manage to have savings.
Why did your sister in law build a house if she has isn't living in it?
All the best for you. It's good we have Steemit. 💖🍀
I am also curious but I do not bother to ask because my husband himself has repeatedly asked her to live there.
A house loan will take a lifetime here too, that is why I took the tough decision to build a house using personal loans which is another type of loan allowed here. If anything happens, like the current state I told you with my payment, they won't be able to take away my house because it is built using a personal loan. If it is under a house loan, the documentation itself will make the banks take away our house in a flash. At least, this is what I think.
My house is safe I guess.
With us they will take away the house, car, savings no matter what if you do not pay your loan. It doesn't matter which type of loan debts are debts and if it comes to paying it's state first (taxes etc) and next the bank.
An option not to let your house taken away is a marriage where partners do not share everything. One takes the loan and all property is "at the name" (owned by) the other partner.
These days the banks force you to take an insurance which can be a plus too.
Pity of the house. It won't be any better if no one cares about it.
The same with us here. I'm not sure what the insurance is for though.
There are different insurances. For example a kind of life insurance. If one of you die, the other partner no longer needs to pay off the loan for the house.
I see. That is convenient.