What is Construction Completion Mortgage?
Among the various things that can be left behind, we often find the house. Often, however, the latter needs some touches before we can go live. Or we simply started building a house and we need more liquidity. What to do in these cases if we do not have the liquidity needed to complete the work? What can be a beneficial solution for our needs? In these cases the loan for completing the construction can help us . This it is a type of financing that is made available by most banking or financial institutions and is intended for those who do not have the liquidity necessary to complete the work for the construction of their home.
If instead what you need is liquidity to renovate your home you can access the Mutual Home Restructuring .
Request Mortgage Completion Construction
How does the mortgage for building completion work?
The loan for completing construction is a type of loan that allows for up to 80% of the value of the property. In this case, the value of the property means the value that the house will acquire once the work is completed.
This form of loan can be requested both for the purchase of a first or second home and the capital is paid out and turned on based on the estimates of the manufacturer and paid progressively based on the progress of the construction work.
What are the mortgage access requirements for building completion?
To obtain this type of financing it will be necessary to demonstrate ownership and possession of a building still under construction . Furthermore, the holder of the loan must have good creditworthiness and demonstrate to the bank or financial institution that he is able to complete the payment of the installments.
These types of mortgages offer great advantages …
– facilitated VAT with a 4% rate if it is a first home , which allows a considerable financial saving to be obtained on the calculation of the mortgage installment while; if it is a second home, the tax rate rises to 10%.
– Manufacturing companies often present themselves as cooperatives, which gives buyers the opportunity to buy a new home at particularly competitive prices since the cooperatives cannot exceed a statutory maximum limit by the Residential Housing Committee.
Turn to Heathcliff professionals now who will be able to help you get a mortgage that fits your needs.