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Why is it worth taking a credit for the construction of real estate outside the city

by realapartment

Most citizens planning to build their own real estate outside the city have to face the problem of lack of funds. Moreover, they can use two ways to solve this problem:

– start building a house and carry out work as finances accumulate;

– initially engage in the accumulation of capital, which will go for construction.

Both the first and the second option have its advantages, but one general drawback is also characteristic – in both cases, construction can stretch for many years. By the way, as a result, you will have to spend very solid means on the construction of your suburban dream.

Given the difficulties described above, who are waiting for people who decided to cope on their own with the solution of the financial issue in individual construction, it makes sense to think about the loan. Many people who have received in this way believe that this path is more rational.

You should know that this type of lending has its own characteristics:

– Be sure to provide a borrower to provide a pledge or guarantee of several persons;

– The amount of the primary payment should be at least 30% of the total loan provided by the bank;

– By issuing a loan for a large amount of money, the bank risks to a certain extent, so this type of lending is accompanied by a high interest rate.

Today, banks are quite willingly providing those who wish not only a classic mortgage, but also similar loans. Often financial organizations act in this matter partners with construction companies that carry out work on the construction of suburban housing. But before applying to a banking institution with a request for lending, you must first apply for the ownership of the land plot. The fact is that it is the land of the Earth and the object that will be built later on it that will act as a pledge when concluding an agreement on lending.

Loans for the construction of suburban real estate are attractive for borrowers by choosing deadlines. If the minimum period is 3 years, then the maximum can be extended up to 30 years. There is also the opportunity to delay the payment of a loan, when in the process of construction the borrower pays only interest, and repayment of the main debt is already taking place after the construction is completed. The interest rates in this type of loan also differ in moderation and depend on the terms of lending to the size and the amount of the initial contribution.

Based on the materials of the site

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