For every individual who joins the workforce whether after graduation or for ther reasons, there are two type of loans that he will inevitably have to take in the course of his working and adult life. One, which is not that important and can be deffered indefinitely is a car loan, and the other which he must place more priority on is the home loan.
When buying a house, one has to plan. First we have to consider our earnings and our take home pay after all the cuts for insurances and all the other compulsory stuffs. Suffice to say, there are still many that cannot afford to buy a house simply because after all their deductions, there is simply not enough left to service a home loan.
Our net income plays a big part when applying for home loans. The more we make, the more willing will financial institutions to grant us that loan. If we have strong spending power, meaning we are making a good comfortable living, banks and finance companies practically comes knocking on your doors to offer you their attractive home loans packages.
It is a big irony and a case of the rich gets richer, but that is one fact of life that we all have to get used to and that is the way it will be. Try getting a loan if you a jobless and broke. No financial institutions on earth will grant you that much needed loan.
Maybe we should take a different approach in viewing this situation. How about we take this fact of life as a motivating factor to succeed. Instead of complaining that we are always getting a raw deal, why not strive harder to achieve what others have. Come the day when your earnings is at par with those guys at the top, you will get your last laugh. Banks and finance companies who have rejected you before will come knocking on your door, offering their latest and best home loans deals they have.