subject: Housing loans: features, targets and guarantees [print this page] Housing loans: features, targets and guarantees
What, what are the conditions and situations in which it is granted a loan instead of building another type of mortgage. Information and news for orientation, get active and to find the right home loans.
Why "Building"
The construction loan is a type of mortgage because it is unlike any other for the construction, renovation, alteration, repair of buildings and is generally paid to construction companies that perform the work.
It is, therefore, for loans to build houses, palaces and buildings ides various kinds for which the banks can cover up, as also already do for other loans, up to 80% of the cost of construction and up to 50% of the value of "terminated".
As to the duration, then, we specify as a mute building is not comparable to a personal loan: the times are much narrower and there's usually a maximum of 15 years.
Bank Guarantees
This is the voice that unites a construction loan to any other type of mortgages: The bank guarantees are always asking el'ipoteca formula is always the safest choice because to be implemented.
The procedure, therefore, always includes the services of a notary who prepares the documents and deposit the mortgaged property or property subject to the individual work. We specify how, if the building is on loan to buy a first land, the mortgage attached to the property law also extends to the construction of which started later.
The disbursement of the loan itself, finally, is not the case in a lump sum, as with loans to help buy the house, but in instalments that go to fund the work and the purchase of materials.
The documentation required
Request a construction loan involves the submission of a specific list of documents that cover the various aspects of the work to be done. To be precise it is:
