Traditionally, people come to the bank to apply for
mortgages to buy an apartment, this phenomenon is now well known and very popular. The cost of housing does not fall; on the contrary, it is constantly rising to sky-high heights. Loans for building a house are not issued as often, because this service is not as widespread as loans for the purchase of an apartment. Details of a loan for a
house construction differ from an apartment loan, we will consider them in more detail.
Typically, loans for building 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 a guarantee. 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 will be reduced specifically for construction, it is more profitable than buying a finished house.
The conditions in all banks are approximately the same. House building 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:
- identification documents;
- confirmation of the solvency of the client (copy of the work book and / or certificate in the form 2-NDFL);
- permission for construction work;
- 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 points, for example, insurance policy, TCP, 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 with a salary or retirement account. Interest rates will be significantly reduced, which pleases many people taking a loan there. In the end, Sberbank is perhaps the most famous organization of its kind in our country, it has long been distinguished 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 or a loan paid without delay. Everyone has different promotions, lending conditions vary 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 large and reliable banks in the country. Your chances will increase significantly upon presentation of collateral and a down payment of at least 30%.
Keep in mind that banks usually give loans for the construction of houses in areas ranging from 150 to 400 m 2 . Of course, you can negotiate the conditions and perhaps come to a compromise to build a house on a plot of a smaller or larger area.
If you decide to repay the loan ahead of schedule, you need to find out if the bank has the opportunity to provide this without additional fees. Some organizations may charge early repayment fees in the first six months, a year or two.
Carefully study the contract and choose the most convenient conditions.