How to take a construction loan
Prepare a package of documents that need to receive a construction loan. It consists of identification documents of the spouses; taxpayer evidence of the borrower; SIC; certificates of employment and registration. Receive an extract from the retirement account and a copy of the employment record at the enterprise.
It is also necessary to make a certified copy of the marriage and birth certificate. A similar set of documents will be required from the co-borrower or guarantor. It must be remembered that when applying for a construction loan, banks require that all income be documented, therefore salary, certificates of bonuses, allowances, alimony, rental income, dividends and so on will do.
Collect documents related to the land plot, as well as a plan for future construction. Banks require that the land was located closer to the city and was released from construction at the time of application. When building a house, it is advisable to use monolithic blocks, brick, rounded and glued laminated timber, foam concrete.Submit to the bank documents confirming construction permits, which can be obtained from the local architectural authority. Make an architectural planning task.
Perform a land assessment. You must use the services of an appraiser who holds a state license. Submit a report of the estimated value to the bank. The size of the loan depends on this value, since the land will act as collateral for lending.
Insure the land and real estate on it, as well as your life and health. Get a construction loan from a bank. In case of refusal, they will provide you with detailed explanations and reasons. If the amount required for construction is small, then it will be more profitable to apply for an ordinary consumer loan. It's easier to get it, since it requires much less paperwork.
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