How to pay off bonded property in just seven years
Harness the power of compound interest
Now that you have bonded your new property, by getting a home loan from a bank, the next step in your journey is to turn your bonded property into a paid-up asset. One of the misconceptions about buying property is that by bonding your new house, you own it outright. However, you only own the property once the bond is fully paid, and the title deed is in your possession.
By owning your property, it is an asset you can choose to re-sell; rent out for passive income, or even borrow against for other investment endeavours. All these options can be available to you by paying off your property in just seven years. That is about the same time it would take you to pay off a financed car...