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If you can afford it now, do the personal loan and refinance if you can’t maintain salary later on. The difference in interest is staggering.
im not an expert on personal finance but lets assume if you dont buy, you rent. most of nice places will go around 9-12k per month? so if you can get the mortgage with repayment up to 15k that will allow you to live in a place you like and eventually will own, it is always good idea. just be careful with what you buy. i would personally aim for villa over apartment even if you have no need for that space but somehow at least you own the parcel of land even if the villa itself breaks down. I dont know what happens if the apartment complex collapses after the guarantee period (up to 10y usually but thats europe) or becomes unlivable because it was build from cheap materials that dont last longer than 10y.
I am currently undergoing a similar process as an expat. I have been asking RE market experts, and they consistently provide the same answer: prices are declining, and this trend is anticipated to continue for the next 3 years. I want to buy my own home (almost the same budget Off-plan) here (Riyadh), thereby investing my rent payments into a personal asset that I intend to retain for at least six years.
However, a significant concern remains: will I be able to maintain my employment given the current circumstances, and if so, will my income be sufficient to cover the mortgage payments?
Refinancing is always an option but the chaos loop would be unbearable.
how are prices declining. Riyadh residential RE showed 100% growth over last 8 years
PERSONAL loan at 1.29%? Jesus banks in the gulf give out money like candy. If you’re dead set on buying then definitely go with that option