2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Not everyone has their own funds to purchase real estate. Today, a loan is available for building a house. Often, financial institutions provide such loans secured by a piece of land or other property. They need this to minimize credit risk.
What does the lender pay attention to?
Banks impose a number of requirements on the acquired objects, which are: real estate under construction and land. Here they are:
- Real estate must be registered with the BTI, it must be recorded in the registration service as construction in progress. At the same time, it is desirable that the house was already half built. The summed up communications necessary for a full-fledged living will more favor the lender. The land on which the property is built must not be leased. Until the construction is completed, all the necessary stages of the state commission are not passed, the client will have to pay inflated interest.
- Another requirement of the lender when applying for a loan for the construction of a house is presented to a piece of land. It must be privately owned, it is important to equip itnecessary communications, summed up directly to him. Banks often make decisions based on where the land is located.
A few banks issue a loan to build a house. However, in recent years, this segment is beginning to be in demand. The suburban real estate market is quite popular with buyers. And demand, in turn, contributes to the birth of supply. Before using such a loan, you need to weigh each step. The amount of the first payment is usually higher than in a traditional mortgage, it is at least 30%. It is important to know about commissions right away. A loan for building a house can be issued for different periods (from 3 to 30 years). The interest rate depends on this, as well as on the size of the loan.
What do you need?
List of documents needed to get a loan to build a house:
- Information about the income of the borrower, confirming his solvency.
- Paper for a piece of land.
- Permission to build an object.
- House project.
- Other papers that a particular financial and credit organization needs to issue a loan.
Example
Different banks offer their loans to build a house. Sberbank, for example, is known for its interesting program, according to which it issues loans to people to buy a house. As collateral, he considers a loan or residential premises. There are two options:
- The borrower issues a loan for constructionprivate house, which will be the collateral in this transaction.
- The client takes funds on the security of other real estate, which was built earlier and is in his ownership. This loan is intended for the construction of a house (residential).
The considered program of Sberbank is called "Construction of a residential building", it differs from the program "Housing under construction" by higher percentages. The program provides a loan to build a house for permanent residence. In order for the bank to decide whether to give a loan or not, it will ask you to present documents for the premises that have become collateral. He will also require paperwork for the purchased housing. Interest will depend on the term of the loan, the amount of the first payment, the currency of the loan. A big plus if the client is given a salary in Sberbank.
Try to choose the right bank, be attentive to each clause of the loan agreement in order to approach the issue of mortgages for building a house with all responsibility.
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