Post by somratislam2 on Feb 15, 2024 5:21:14 GMT
Self-developer Mortgage Because financial institutions do not offer mortgage loans for land, the best option in these cases is to opt for a self-promoting mortgage (you can read our post How can I become self-promoting) . To be eligible for this type of mortgage, certain conditions must be met: .-Level of solvency The level of solvency of the applicant will prevail above all . Viability of the project It will be necessary to present a report on the feasibility of the project . Terrain The land where it is going to be built must be urban and owned by you.
Documentation All documentation related to the construction license, as well as the budgets, will have to be provided. . Energy certificate You must have the energy certificate for the projected home . Normally, these types of mortgages Cape Verde Email List give an initial grace period of up to months . During that time, interest is only paid on the amounts drawn down. Usually % of the loan is reserved for the registration of the end of work. Another difference with respect to other mortgage lenders is that the entity does not deliver the entire loan at once, but rather makes deliveries as the work progresses.
That is, an agreed initial provision is made and the following amounts are delivered on the agreed dates and as the owner certifies the work. .-Personal Loan If the requirements established in the previous sections are not met, the home would be classified as movable property. In this case, the buyer would not have the option of requesting a self-promoted mortgage and would have to opt for another financial product such as a personal loan, which usually requires practically no requirements. They have the advantage that you get rid of the costs of formalizing the mortgage such as a notary, Property Registry or appraisal. On the contrary, the loan requires that it be repaid within a period of less than years and the interest rate paid is much higher.
Documentation All documentation related to the construction license, as well as the budgets, will have to be provided. . Energy certificate You must have the energy certificate for the projected home . Normally, these types of mortgages Cape Verde Email List give an initial grace period of up to months . During that time, interest is only paid on the amounts drawn down. Usually % of the loan is reserved for the registration of the end of work. Another difference with respect to other mortgage lenders is that the entity does not deliver the entire loan at once, but rather makes deliveries as the work progresses.
That is, an agreed initial provision is made and the following amounts are delivered on the agreed dates and as the owner certifies the work. .-Personal Loan If the requirements established in the previous sections are not met, the home would be classified as movable property. In this case, the buyer would not have the option of requesting a self-promoted mortgage and would have to opt for another financial product such as a personal loan, which usually requires practically no requirements. They have the advantage that you get rid of the costs of formalizing the mortgage such as a notary, Property Registry or appraisal. On the contrary, the loan requires that it be repaid within a period of less than years and the interest rate paid is much higher.