Many lending institutions-banks offer various credit programs, among which are special designed for those who want to build your house. Usually, the interest rate on such loans is higher than normal, but the amount you can borrow more and more. To obtain such a loan in most cases you will need to submit some additional documents. Most likely, the loan you will be given only if you have collateral or guarantors. You may also be required to make an initial contribution of at least 30% of the amount you want to borrow. These are not very favorable credit terms due to high Bank risk, because the more the credit period, the higher the likelihood of farce majeure the borrower's death, disability or work. To build a house you can get a mortgage, a target or consumer credit.
A mortgage loan involves a pledge of existing real estate. If apartment in the property you already have, you can put it. But to lay the land on which you will build, will succeed only in the case when the category of land on which it is installed as "for individual housing construction". A garden or summer cottage as collateral, the Bank will not accept. The advantages of this loan include a relatively low interest rate and a small number of documents required for the loan.
Special credits for the construction of their home provided by many banks, but this type of lending is not very popular, as the interest for the amounts issued for 20-30 years, are quite high. But there are options when banks offered to purchase a building plot in the new settlement, the liquidity of the land which has appreciated. In this case, the Bank acts as an investor and the loan accredited, the primary object of building, you will be given at a lower interest rate. The interest rate will be less and in the case where the credit period is low or when you return as the first payment from 30 to 50% of the cost of construction.
To get a consumer loan, you will need a minimum of documents, but will give it a small amount, usually no more than 1 million rubles, and for a short time – 3-5 years. But these loans usually give no problems, about 80% applied for them, get a positive answer and the money in cash in no time.