We are pleased to announce the release of the brand new property loan system. As of today, you can now easily get a loan from ArgoBank that can be used towards the purchase of a property. Please read below for information on how property loans work.
EligibilityTo qualify for a property loan, you must have be a citizen of Argonath and have a passport to prove it. You can only have one property loan at a time.
Down PaymentsA down payment of 40% of the property's value is needed for properties that cost $100k+ ($120k+ in LV, $140k+ in SF). For example, to purchase a property in LS that costs $100k, you will need to have $40k of your own cash.
InterestThe weekly interest rate is currently 6% and is subject to change. The faster you pay the loan back, the less interest you will have to pay. Interest is based on the amount that is remaining rather than the complete amount, i.e. if you have a loan of $100k and you have already paid back $50k, only 6% of $50k will be due next week, thus it is in your interest to pay back as much as possible as quickly as possible.
Commands/loans - see a history of loans and make payments
/propertyloan [amount] - apply for a property loan
/loancalculator [amount] - calculate due interest
FAQI took out a loan and I no longer need it. What do I do?
There is no grace period, so be very careful. You will have to pay back the loan in addition to one week's interest if you pay it back within 7 days.
When you sell a property, the money will go back into your loan balance. You will then be able to buy another property using the same loan or pay the loan back.
IMPORTANT: BUGSAny bugs you find from which you profit and do not report may result in action being taken against your money and/or you being banned. On the other hand, if you find a bug and you report it, we may give you a reward
Common sense applies.
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