Of course, the loan significantly accelerates the construction of your own home: you do not have to wait for you to earn money and can afford to finance the construction. But before drawing out a loan, it is important to understand whether you can pay it in full without problems.
1
Usually a loan for the construction of the house is issued to persons who have reached 21 years, secured by real estate and / or guarantee. At the same time, it is necessary to be prepared that the bank will ask for the first payment (initial fee) in the amount of 20-30% of the amount of the requested loan. Interest on this type of credit is quite high, because the risk that for a fairly long term, the financial situation of the borrower will change for the worse, quite large, and the loan amount is not small.
2
In Russia, the most popular banks that give a loan for the construction of the house are:
Building loans can be divided into three groups: mortgage, target and consumer loan. A distinctive feature of the mortgage is the mandatory provision of collateral (most often in this capacity is real estate). Such loans are relatively inexpensive, the interest rate is approximately 8-14% per annum in rubles, and the requirements for the borrower are standard. However, there is one minus: Liquid real estate will have to lay out, and the land on which the construction of the house will be carried out, it is extremely rare as collateral.
4
The target loan has its own characteristics: money is issued to a specific goal, and the borrower has no right to spend them for another purpose. Rates on such loans are rather low, constitute only 6-9% per annum, but to get a loan will have to provide a large package of documents. In addition, certain problems with cash loan may occur. Banks choose a smaller risk and prefer to transfer money to the account of a construction company that will be engaged in the construction of the house.
5
Consumer loan is quite popular today. It is issued for almost any purpose, and to specify them and strictly observe at all necessary. But interest on this type of loans is significantly higher than on other credit products: they constitute about 13-22% per annum. Yes, and the maximum amount that can be issued on credit under this program, usually does not exceed 3,000,000 rubles, - this is unlikely enough for the construction of the house. Such a loan can be useful if the borrower already has a part of the amount required for construction.
6
To finally decide on the type of loan and the bank in which you want to make a loan, you can visit several offices. Of course, it is worth a preference to large, reliable and proven banks. Based on the overall impression of the consultation and the conditions for the provision of a loan, you can make the right choice. At the time of applying for credit, you should provide a package of documents to the bank, usually comprising:
passport of a citizen of the Russian Federation;
certificate from the place of work on monthly income in the last year;
documents for transferred to the pledge of real estate;
documents of the Guarantor (his personal presence will be required during the signing of a guarantee agreement).
The decision-making process in each bank is individual, it can last several days, and maybe delayed if some difficulties with the package of documents arise. After receiving a positive decision on the issuance of the loan, a transfer will be made to design a pledge, a loan agreement was signed and a guarantee agreement involved by the parties.
Even if the bank does not necessarily provide an income certificate, its presence may contribute to the loan design under a more profitable interest rate and speed up the decision-making process.
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Application form on a loan in Sberbank You can on our website.
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