How to get a loan to build a holiday or retirement home
To obtain credit please contact the selected Bank. Please check the package of documents required by the Bank to provide loans or mortgages for construction. To familiarize with all the terms lending, you can visit the office of one of the branches of the Bank or official website of your chosen Bank.
Choosing a Bank for credit, pay attention to all the loan terms, the interest rate and the documents that you want to provide.
Typically, to obtain large sums which will be required for the construction of a cottage or residential home, you must submit a certificate of income on form W-2. Currently, almost all banks are willing to provide loans to citizens who confirmed their solvency a certificate in the form of the Bank. This is due to the fact that to this day, many people receive salaries in envelopes, and businesses to hide income, avoiding payment of taxes.
In addition to the income certificate you need to present to the Bank the passport and the second document proving the identity, an extract from the employment record book, military card. When you make a large amount of the loan secured by existing property the documents that are required to provide to the Bank, much less. But it is worth considering if you plan to build a house and plant the land, throughout the repayment term of the loan the land will be under the Bank guarantee and other legal actions with this area will be temporarily restricted.
If you are ready for a short period of time to repay the installment, look for a contractor who proposes to carry out turn-key construction in installments.
Installment – an alternative to Bank loan
Plan to build a house? Please note, to date, many construction companies offer the citizens turnkey construction no credit and in installments. It means you will spend building a house, you'll settle, and you will pay a certain loan for a limited time.
This option is very convenient for those citizens who do not have minor amounts of cash and they are willing to make them for a short period of time. As a rule, the installment is given no more than one year and different from the loan with no interest for the use.