Chapter 36: Buying a House

Seeming to notice that the father and son of the Meng family were a bit tight on funds, the agency clerk said very understandingly, "You could also consider an installment plan; pay a down payment first, and pay the rest back slowly."

"Installment plan?" Meng Yifan was stunned for a moment. There were installment plans on Earth in his past life, so how could there be installment plans in this world that had martial arts and Immortal Cultivators? Could it be that no matter which world it was, buying and selling houses was linked to installment plans?

Meng Dayong was a bit curious and asked, "What is an installment plan?"

"An installment plan means that our agency can pay the silver to the seller in advance, but you must pay at least half as a down payment, which is two hundred taels of silver. The remaining house payment must be paid off within one year. Including interest, you will have to pay back a total of two hundred and fifty taels of silver. If you cannot pay back the silver when it is due, our agency has the right to repossess the house, and we will only return one hundred taels of silver to you."

The agency clerk explained the rules of the installment loan, and Meng Yifan was speechless; the real estate in this world was even more unscrupulous than in his past life.

The down payment was high, the interest was high, and with the house as collateral—since a house is immovable property and cannot run away—the agency could earn money while bearing almost no risk at all.

People in this line of work were truly predatory; there were ways to make money inside and out. It made Meng Yifan want to work in this industry himself; this was even more profitable than hunting Demon Beasts.

Meng Dayong did the math in his head and said, "That's equivalent to you lending us two hundred taels of silver to be returned in a year, with fifty taels of silver in interest. Isn't your interest rate too high?"

The "Great Wu Iron Law" stipulates: "For any private lending of money or pawning of property, the annual interest shall not exceed thirty percent; even if many years pass, it shall not exceed the principal plus one cycle of interest. Violators shall be punished with forty strokes of the cane."

In other words, according to the regulations, if Meng Dayong borrowed two hundred taels of silver, the annual interest would only be six taels of silver, which was much lower than the agency's interest rate.

The agency clerk smiled and said, "My good uncle, our Great Wu Heavenly Dynasty does have that regulation, but go and ask around—which merchant still follows that regulation?"

"We are open for business, and what we value is fairness and justice, and mutual consent. If you are worried, you can go and understand the market conditions first, and then we can continue our talk."

Meng Dayong was indeed a bit worried. He didn't want to carry a mortgage and pay so much interest, so he took Meng Yifan for a walk around. As it turned out, it was exactly as the agency clerk had said: the loan interest rates stipulated by the "Great Wu Iron Law" had long since existed in name only.

That agency's interest rate was already considered standard. There were wealthy families in the county town who practiced usury, and that was even more terrifying—interest rolling on interest. As long as an ordinary person dared to borrow, it was guaranteed they would never be able to pay it back in their lifetime, and their whole family would have to work like beasts of burden for the wealthy family.

Meng Dayong was a bit annoyed and said, "Why doesn't anyone report them to the officials? The Iron Law clearly states that if the interest exceeds thirty percent, the punishment is forty strokes of the cane."

"Dad, surely people have reported them to the officials before, but the fact that these people are still living well and still practicing usury means that reporting to the officials is useless. Perhaps they have long been in collusion with the officials." Meng Yifan saw it very clearly.

It is said that the "Great Wu Iron Law" promulgated by the founding ancestor of the Great Wu Heavenly Dynasty was engraved on a large piece of Mysterious iron and placed outside the Fengtian Dian, so that the ministers attending court every day could keep the laws stipulated in the "Great Wu Iron Law" in mind and not be corrupt or break the law.

Unfortunately, after more than a thousand years, many of the laws in the "Great Wu Iron Law" had long since existed in name only.

"Dad, let's just buy a house with an installment plan. We need to get settled as soon as possible, otherwise, when it gets dark, we will have to leave the city or be dragged off to the Labor Camp," Meng Yifan reminded him.

Meng Dayong gritted his teeth, nodded, and agreed to buy the house with an installment loan. The two returned to the agency. The agency clerk seemed to have expected that the Meng father and son would return. Confirming that they really wanted to buy the house, the clerk took the keys and led the Meng father and son to see the house.

The location of that house was a bit remote, in the north of the city, almost close to the city wall. However, the house was quite large; the two-courtyard house was built of Blue Stone, had eight rooms, and even came with a large courtyard.

The villagers led by Meng Dayong would be able to fit if they squeezed in. Later, they could even build some thatched huts in the courtyard to house people; after all, back in Qinghe Village, many of them lived in thatched huts.

"How about it? This house is quite good. If you are sure you want to buy it, let's go sign the contract. I must remind you, buy a house early. Many people are pouring into our county town every day. With many people and few houses, housing prices are higher every day. Buying now is earning; opportunities must not be missed, and time will not return."

The agency clerk spoke eloquently. Meng Dayong and Meng Yifan also felt that what the clerk said made sense. The two sides reached an agreement and returned to the agency. The clerk took out the installment contract. Meng Dayong carefully browsed the contract terms, and after confirming there were no problems, he paid the two hundred taels of silver down payment, then signed and pressed his handprint.

The contract was in duplicate, one copy kept at the agency and the other given to Meng Dayong. After the contract was signed, the agency clerk handed the keys to Meng Dayong. The house deed would be temporarily held by the agency, and it would only be given to him after Meng Dayong paid off the remaining balance and interest.

Clutching the keys, Meng Dayong walked out of the agency, feeling a bit excited. He was now a person with a house in the city.

As long as there was a house, there were roots, and he could be considered a city dweller.

When the Meng father and son went to buy the house, the villagers of Qinghe Village had already sold the animal skins they brought one after another, selling them for a total of forty-five taels of silver. The sky was getting dark, and everyone gathered together, discussing in whispers, all worried about what to do if they still had no place to stay at night.

No one wanted to go to the Labor Camp, but if they left the city, it was not safe outside. They could be attacked by Demon Beasts at any time. Moreover, it was said that the nights outside the city were very chaotic; for a bite of food, bandits would burn, kill, and loot, committing all kinds of evil. If the villagers stayed outside the city, their safety could not be guaranteed.

And even if they survived the night safely, if they wanted to enter the city again the next day, they would have to pay an entry tax—ten wen per person—which was another huge expense.

Just as everyone was filled with anxiety, Meng Dayong and Meng Yifan walked over.

The villagers all stood up and asked nervously, "Brother Dayong, how did it go? Did you buy a house?"

Meng Dayong shook the ring of keys in his hand and smiled, "Let's go, come with me to see our house."

The villagers were incredibly excited and followed Meng Dayong toward the north of the city to see the house. Everyone's pace quickened significantly, and before long, they saw the house Meng Dayong had bought.