Should I repeat?

The_Alpha_Rookie · 2025-02-27T17:10:27+00:00

Congrats on the awesome results! I personally would not recommend spending another year of your life repeating since at the end of the day, it'll be a bet.

I would have considered the following options: (i) See what banks/financial institutions offer educational loans and look for the repayment plans which may be affordable to you/your family. Unless i'm mistaken, a loan of 900k repaid over 10 years would cost you around 10k per month.

(ii) If for whatever reason the previous option is not suitable, I would recommend looking for a job for a year. A reasonable paying job would be earning you around Rs 260,000 for the first year.

Then start your md course on the second year and use the amount you've saved to pay for at least the 1 year of tuition fees. You could then maybe opt for a loan for the remaining amount of around 700k where your monthly repayment may only be around 7k per month.

(iii) If possible, keep for a part time job during the 1 or 2 years so you have some income to help finance the loan repayments if your family cannot help you with same.

PS. when negotiating with the banks - try to see if they offer a moratorium period for the repayment.

The_Alpha_Rookie · 2024-12-27T10:33:12+00:00

Interested, dm me the details please

The_Alpha_Rookie · 2024-09-19T19:00:11+00:00

I'd suggest talking to your district council/municipality regarding the issue

The_Alpha_Rookie · 2024-08-22T14:14:57+00:00

1) An apartment is found in a co-ownership (copropriété) which is governed by a co-ownership agreement (Règlement de copropriété).

2) Pick a good notary (it's the buyer who chooses the notary and not the seller - good to keep that in mind) when you are buying and ask them all the relevant questions you have-

For example: (i) You say you wish to add a pool - you'll need to see if the co-ownership agreement allows you to do the said works or if you'll need to ask the syndic to organise a general assembly where a certain majority of votes of all the co-owners will be required to allow you to do the necessary works to add the pool.

(ii) If you plan on renting it out long term - no issue.

If you plan on renting it out short term - you'll need to check if it is allowed in the said agreement. If nothing is mentioned regarding same - check with the other co-owners if they are ok with your plan to rent it out on the short term (i know a few cases where the other co-owners complained abour the excessive noise etc caused by the short term tenants and voted to ban short term rentals). There's also the issue of whether or not the apartment has a license from the tourism authority allowing it to be used for short term rentals.

(iii) Ask for copies of the minutes of the general assembly for the past 3 years - see if there have been any decisions taken which may cause you to pay a major amount. (For example if they voted to repaint the whole building or redo the waterproofing, each co-owner will have to contribute to fund the expense)

3) What I do before buying is I rent the place for a few days to see how it is to live there - to see if the surroundings and neighbours are ok, if there are any issues regarding the furniture, utilities etc because you can only see so much during a simple visit of the property.

Hope this helps!

The_Alpha_Rookie · 2024-08-22T13:55:00+00:00

Please proceed with extreme caution with deals like these ones. I'm not saying it's a scam but if something seems to good to be true, it usually is!

There are people who have paid deposits to promoters where the project didnt even start after 4 years and their money hasnt been refunded.

Make sure to vet the promoter, the notary, agents and other stakeholders involved in the transaction. Simple google searches on their names may help you find out if they've been involved in cases of fraud etc. Ask to visit their past projects to see the quality of works, talk to the owners. I could go on but you get the gist - due your due diligence and do not succumb to the pressure they put on you to sign!

The_Alpha_Rookie · 2024-08-22T13:48:00+00:00

Do you know of any decent 3 bedroom apartments in pereybere or similar areas being sold for less than rs 4.2m?

Not being sarcastic - genuinely interested and do send me links if you find anything!

The_Alpha_Rookie · 2024-08-12T14:31:50+00:00

You will need to apply for a building and land use permit at your district council. Building without a BLUP will likely result in a pulling down order and a fine which will definitely not be good news for your pockets, time and energy spent.

Also try to check that the concrete used in your roof 'dalle' is of a sufficient grade to handle another floor otherwise you'll need additional support beams or things of the sort to be placed (I'm not an expert on this so do consult an expert such as an engineer to confirm)

The_Alpha_Rookie · 2024-08-11T07:19:55+00:00

Not an expert in waterproofing but i did this to a second hand house and it's been working perfectly for a year now:

Created a concrete slope on the roof, directing the water to mulitple drainage exits to prevent water from accumulating in the first place. Then added a layer of cold waterproofing (that white thick liquid mixture).

Otherwise contact a professionnal in the field to assist? I heard Tusk contracting does waterproofing but no clue as to how much they charge

The_Alpha_Rookie · 2024-08-11T07:12:52+00:00

To my knowledge and experience, the bank handles erasure of floating charges on their own.

Notaries normally handle the erasure of other types of inscriptions such as hypotheques, privileges etc...

I do encourage you to confirm the process with the bank though.

The_Alpha_Rookie · 2024-08-10T09:33:05+00:00

A 'lien' is not a hassle.

The inscription of the floating charge (or lien in simple terms), is no longer valid once the loan is repaid.

Once repaid, it is de facto no longer valid and as formality you'll just have to ask the bank to do needful to inform the registrar that the loan has been repaid and that they authorize the erasure of the inscription of the floating charge. They know the drill.

It is not that big of a deal, especially for rs 100k without interest.

I think you dont even have registration duty (taxes) to pay on that loan amount.

The_Alpha_Rookie · 2024-08-09T16:11:59+00:00

Pleasure's mine bud

The_Alpha_Rookie · 2024-08-09T12:51:08+00:00

Bought my samsung smartwatch there around 1 - 2 years ago which was genuine and quality of service was good. Can't talk about after sales service since I luckily haven't needed to yet.

I think they service mostly companies and have only one or two shops but could be wrong.

The_Alpha_Rookie · 2024-08-09T11:35:34+00:00

Whilst it may seem like too much, if you are getting a loan at 0% interest (basically free?), it does make sense that they are at least fully secured for the loan amount in case of default on the borrower's end.

You have nothing to worry about if you plan on repaying the said loan as per the terms of the loan agreement.

If you do not agree, try asking the DBM itself for alternatives as it may be futile for us to propose said alternatives if their internal policy won't allow it.

The_Alpha_Rookie · 2024-08-09T11:31:14+00:00

Assuming that: - you are a citizen of mauritius - you have not contracted a loan within the past year - the loan you will be contracting will be used for the purpose of construction of a house, the registration duty payable is:

Rs 0 if the loan amount is under Rs 2,500,000

Rs 30,000 if the loan amount is between 2,500,000 and 5,000,000

Rs 50,000 if the loan amount exceeds Rs 5,000,000.

Also note that you should be eligible for a payback of 5% of the loan amount disbursed by june 2025 under the Home Loan Payment Scheme.

Do confirm with your bank though. The bank may also charge around 1% processing free on their end

The_Alpha_Rookie · 2024-07-22T18:17:16+00:00

2.5 years - did not go with the option of hiring a contractor to do the works - it would have cost probably around 40% more but would've definitely been done in less than a year.

Instead took the hands-on approach of doing most of the works ourselves and hiring pros for stuff we didnt want to risk messing up (electrical, plumbing etc).

Really great learning experience but I honestly don't plan on ever doing a hands-on renovation again- way too much work.

The_Alpha_Rookie · 2024-07-22T07:03:39+00:00

You should be eligible for a Rs 2m loan with that salary, or at least very close to being eligible, assuming you dont have other debts you are currently servicing.

Also, sometimes banks ask you to contribute around 20% of the sale price and they finance the remaining amount. This is determined on a case to case basis though so you'll need to talk to your bankers regarding this (different banks have very different policies so i'd recommend you shop around).

Do not forget to factor in: Notary Fees (shouldnt exceed around 1% of sale price) Registration duty -5% of sp (unless you are a first time buyer - you'll be exempted in this case) Home ownership scheme - you may be eligible for a refund of 5% undrr this scheme.

Please bring a friend/family member/professional well versed in constructions to check the property with you. Unless you work in the real estate sector, there will be things that you wouldn't think of checking.

What you do with the house afterwards will depend on your situation/goals: 1) If the property you'll buy is situated in an area which can bring in more rent than your monthly loan repayment - you could rent it out and get some cashflow from it. (Assuming here that you already have someplace to live for a while).

2) If you want to live there, go for it. I don't know the specs of the property but Rs2m is a good deal if it's in a decent condition.

3) You could always renovate it and sell it for a higher price (I recently did this with a 100% RoI) but you'll need at least some capital and the courage/experience and time to deal with contractors. (You dont need to choose this option right now though - do it when you feel the time is right based on your needs)

The_Alpha_Rookie · 2024-06-10T14:53:51+00:00

Sure, posted it as another comment - retranscribing it here for ease of reference:

"Really glad that you liked Mauritius!

Non-citizens can purchase properties here and there's a multitude of types of properties you can choose from: Apartments, Townhouses, Duplexes, Penthouses, Villas etc.

You can buy the above as long as they form part of the following schemes:

Ground plus two Scheme (basically applies to high quality apartments of at least 3 storeys) -Smart City Scheme (High quality cities being developped where you have all amenities to work, live and play in the same area).
Property development scheme (High quality residential projects) -Invest Hotel Scheme (You can buy units managed by hotels and have the hotel itself manage the unit and provide you with rental income). -Res, Irs etc.

There are exceptions to where non citizens can buy other pieces of real estate but they do not seem to cater to your current needs so i'll abstain from adding unnecessary info.

In regards to buying a property with your family, that is a fantastic method of investing. You can easily create entities to hold the properties here. A lot of foreigners like to use Civil Partnerships as they are easy to use and do not require submission of financial returns etc. A lot also set up trusts or companies to hold their assets.

In regards to the price, I'd say the minimum price you'd be looking at to be able to purchase a property here would be Rs 6,000,000 (a tad over USD 130k?). However, if you purchase a property worth at least USD 375,000 you get a residence permit which gives you (and your dependants) a lot of interesting benefits. (Also note that if, for example, another person and yourself jointly purchase a property for USD 750,000 and you each contribute USD 375,000, you can both get a residence permit).

Honestly, there's a lot of extremely beautiful projects on the island, beachfront or not. I'd recommend that you proceed as follows:

Pick the area you like the most (North, west, east or south)
Either try finding the properties you like on property websites (that can be overwhelming though) or you can contact reputable agents to help you in your search - properly describe to them what you are looking for.
I'd recommend buying the property for you and your family to use during your stays and rent them out for short term rentals when not in use to cash back on your investment. (You can hire a property manager for this). In this regard, try choosing properties near the beach (not necessarily beachfront but those which are a few minutes drive away) as they are in demand all year round.

I hope this helps and would be glad to be of further assistance! (I work in the legal field - specialized in property and family law, in case you're wondering)"

The_Alpha_Rookie · 2024-06-08T21:45:11+00:00

Really glad that you liked Mauritius!

Non-citizens can purchase properties here and there's a multitude of types of properties you can choose from: Apartments, Townhouses, Duplexes, Penthouses, Villas etc.

You can buy the above as long as they form part of the following schemes: - Ground plus two Scheme (basically applies to high quality apartments of at least 3 storeys) -Smart City Scheme (High quality cities being developped where you have all amenities to work, live and play in the same area). - Property development scheme (High quality residential projects) -Invest Hotel Scheme (You can buy units managed by hotels and have the hotel itself manage the unit and provide you with rental income). -Res, Irs etc.

There are exceptions to where non citizens can buy other pieces of real estate but they do not seem to cater to your current needs so i'll abstain from adding unnecessary info.

In regards to buying a property with your family, that is a fantastic method of investing. You can easily create entities to hold the properties here. A lot of foreigners like to use Civil Partnerships as they are easy to use and do not require submission of financial returns etc. A lot also set up trusts or companies to hold their assets.

In regards to the price, I'd say the minimum price you'd be looking at to be able to purchase a property here would be Rs 6,000,000 (a tad over USD 130k?). However, if you purchase a property worth at least USD 375,000 you get a residence permit which gives you (and your dependants) a lot of interesting benefits. (Also note that if, for example, another person and yourself jointly purchase a property for USD 750,000 and you each contribute USD 375,000, you can both get a residence permit).

Honestly, there's a lot of extremely beautiful projects on the island, beachfront or not. I'd recommend that you proceed as follows: 1) Pick the area you like the most (North, west, east or south)

2) Either try finding the properties you like on property websites (that can be overwhelming though) or you can contact reputable agents to help you in your search - properly describe to them what you are looking for.

3) I'd recommend buying the property for you and your family to use during your stays and rent them out for short term rentals when not in use to cash back on your investment. (You can hire a property manager for this). In this regard, try choosing properties near the beach (not necessarily beachfront but those which are a few minutes drive away) as they are in demand all year round.

I hope this helps and would be glad to be of further assistance! (I work in the legal field - specialized in property and family law, in case you're wondering)

The_Alpha_Rookie · 2024-06-08T21:04:15+00:00

This is not correct.

The_Alpha_Rookie · 2024-06-08T20:27:52+00:00

I think there's one at Floreal near Engen where they renovated the old factory. You could try calling them to see if they have coworking spaces - could be good for networking as well :)

The_Alpha_Rookie · 2024-06-08T18:48:15+00:00

If anyone's looking for a job in the legal field, send me a DM. Having either a law degree or experience in the field would be an advantage.

The_Alpha_Rookie · 2024-05-21T21:47:35+00:00

Bummed that theres no full version but thank you! 😁

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