Your own apartment, or even better your house, built on a land plot, is the dream of many townspeople. In some cases, the construction of a private house can be even cheaper than buying an apartment, but still, it will take a lot of money. When you already have savings, but they will obviously not be enough, the remaining amount can be obtained from the bank as a loan to build your own house.
Instructions
Step 1
Many lending institutions-banks offer a variety of loan programs, among which there are special ones designed for those who want to build their own home. As a rule, the interest rate for such loans is higher than for ordinary loans, but the amount can be borrowed more and for a longer period. To obtain such a loan, in most cases, you will need to submit some additional documents. Most likely, such a loan will be provided to you only if there is a collateral or guarantors. You may also be required to make an initial payment of at least 30% of the amount that you want to borrow. Such not very favorable terms of lending are due to the high risks of the bank, because the longer the lending period, the higher the likelihood of a farce-majeure circumstance for the borrower - death, disability or work. For building a house, you can take out a mortgage, target or consumer loan.
Step 2
A mortgage loan involves a pledge of existing real estate. If you already own an apartment, you can mortgage it. But to lay the land plot on which you will be building will work only if the category of land on which it is located is set as “for individual housing construction”. The bank will not accept a garden or summer cottage plot as collateral. The advantages of such a loan include a relatively low interest rate and a small number of documents that are required to provide a loan.
Step 3
Targeted loans for the construction of their homes are provided by many banks, but this type of lending is not very popular, since the interest for amounts issued for 20-30 years is quite high. But there are options when banks offer to buy a plot for construction in a new village, the liquidity of the land in which has already been assessed. In this case, the bank acts as an investor, and you will be given a loan for an accredited primary development object at a lower percentage. The interest rate will also be lower when the loan term is short or when you return as a down payment from 30 to 50% of the construction cost.
Step 4
To obtain a consumer loan, you will need a minimum of documents, but it will be issued for a small amount, usually no more than 1 million rubles, and for a short period of 3-5 years. But such loans, as a rule, are provided without problems, about 80% of those who applied for them receive a positive response and money in cash as soon as possible.
