What is a building loan to complete the construction of a house ? This is a medium-long term loan made available by the majority of credit intermediaries, and is intended for all those who do not have the necessary liquidity to complete the construction of their homes. How it works and what are the requirements for starting a mortgage to cover the costs of completing a property.
Mortgage loan for building a building: how does it work?
We know how to build a property always involves the need to sustain huge expenses and costs, and we do not always have the liquidity available to deal with it.
For this reason, turning on a mortgage to build your own home is the best credit solution to realize your dream of going to live under one roof.
This type of mortgage allows you to get up to 80% of the value of the property once the work is completed, and is an excellent solution for those who want to build an independent house, perhaps located in the countryside or away from traffic and chaos.
It can be requested both to complete the construction of a house for residential use or for a property for holiday use , as a second home.
Feasibility ignition mortgage completion completion: necessary requirements
Like any other type of loan, it is always necessary to evaluate ad hoc between various quotes and commercial offers available.
To light a mortgage to complete the construction of a property, the lender must assess the financial situation of the applicant.
For this, it is necessary to present all the income documentation and that relating to the purchase of the land and the subsequent phase of construction of the property.
Among the necessary requirements to be able to light a mortgage for completion of construction there is the need to be owners of a building under construction and creditworthiness to fulfill the mortgage payments.
For the construction of the building the bank will proceed to provide the necessary capital in several tranches according to the ” Progress State of Works ” ( SAL ).
The disbursement of each new tranche will take place only if the checks carried out by an expert will have a positive outcome.
For more information, contact an Bank Consultant who will be happy to find the solution that best suits your needs.