2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Traditionally, people come to the bank for mortgage lending to buy an apartment, this phenomenon is now well known and very popular. The cost of housing does not fall, on the contrary, it constantly rises to sky-high heights. Loans for the construction of a house are issued not so often, because this service is not as massive as loans for the purchase of an apartment. The details of applying for a loan for the construction of a house differ from an apartment loan, we will consider them in more detail.
Usually loans for the construction of a house are issued by people who already own their own apartment or other type of liquid real estate. Banks will be very willing to meet you if you have such collateral. In this case, a loan for the construction of a residential building is issued in the amount of up to 70% of the value of your property, which you provide as collateral. Interest rates willreduced specifically for construction, it is more profitable than buying a finished house.
Conditions in all banks are approximately the same. Home construction loans are issued for up to 30 years. To get a loan, you will need to collect the following package of documents, which is suitable for any bank:
- identity documents;
- confirmation of the client's solvency (copy of the work book and / or certificate in the form 2-NDFL);
- construction work permit;
- certificate of ownership or lease of land;
- project of the future home (including a rough estimate).
If necessary, you will be asked to provide more complete information on certain items, such as an insurance policy, title, certificate of state registration of real estate, etc. Each bank has certain conditions for all customers.
Which bank has more favorable conditions for a loan for building a house? Sberbank provides a loyal lending program for customers who have a salary or pension account with it. Interest rates will be significantly reduced, which pleases many people who take a loan there. After all, Sberbank is perhaps the most famous organization of its kind in our country, it has long distinguished itself by its reliability and good conditions for all customers.
In other banks, it is also easier to get loans for building a house for those who have an account orunpaid loan. Everyone has different promotions, lending conditions change depending on holidays, seasons and other criteria. To get a loan on the most favorable terms, do not be lazy and study the offers of all the major and reliable banks in the country. Your chances will greatly increase upon presentation of collateral and a down payment of at least 30%.
Please note that banks usually issue loans for the construction of houses on plots ranging from 150 to 400 m22. Of course, you can negotiate the terms and, perhaps, come to a compromise in order to build a house on a plot of a smaller or larger area.
If you decide to pay off the loan ahead of schedule, you need to find out if the bank has the ability to provide this without additional fees. Some institutions may charge a prepayment fee for the first six months, a year or two.
Carefully study the contract and choose the most convenient conditions for yourself.
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