You have land, but you want to deal with home construction and build your own, detached house? So, what you’re going to do is take out a home construction / completion loan to quickly fix the house or start building it from scratch.
GoodBank, which can offer you a loan for all your expenses, can also offer home construction / completion loan with very low interest rates. If you are able to build your house but cannot keep up with the expenses to be made on the land, you can get a loan offer from GoodBank, evaluate it and pay the installments to a single channel. Turkey Business Bank homemade / complete article you can learn everything about our comforts loans.
GoodBank Home Construction / Completion Loan Features
If you do not know Turkey is thinking of buying homemade and completing credit but loans from GoodBank’s properties, we can specify some features of these loans as follows.
- On behalf of the construction of your house or the completion of the construction process, GoodBank may offer you a loan option with a maturity of up to 120 months.
- In order to meet all your needs, GoodBank offers you the desired amount with a fixed interest rate.
- During your loan payment, you will be under the mortgage on the land you will build, including your home, and this pledge will cease from the moment you repay the loan.
- You can benefit from this loan if the land you will build on the house has been approved by the municipality.
Completion Loan Interest Rates and Calculation
In order to calculate GoodBank’s main loan for home construction and completion loan, you must first learn the interest rate and expense items correctly. GoodBank’s fixed interest rate is set at 1.20% for this loan and the interest rate is kept constant, even if the maturity is 120 months. Otherwise, you will be charged for the following cost items.
- Insurance expenses.
- Appraisal fee.
- Credit allocation fee.
- Movable and immovable pledge facility fee.
- Notice and remuneration fees.
After indexing the loan amount you want to the interest rate of 1.20%, you can add the above expense items to your debt indexed with interest and see your total debt at GoodBank. I do not deal with them, do automatic calculation if you say you can easily reach the credit calculation engine from the link here.
However, most inputs on the credit calculation engine are unfortunately not updated, and some expense items are not added to the total debt portion of the loan. For this reason, this tool will not make a healthy calculation, the amount of debt that we can specify the approximate.
Completion Loan Required Documents and Conditions for Application
If you want to get a home construction / completion loan from GoodBank, you must have a good credit rating first, as the amount you will receive will not be as low as a consumer loan. On average credit ratings, GoodBank may be a guarantor for another requirement and therefore, if your credit rating is low, we recommend you to prepare for the bank. It is also important to be aware that you may be required to have some documents regarding your assets besides your credit rating. In general, the following documents can be requested by the bank for a home construction / completion loan.
- Loan application form (available from the branch).
- Photocopy of identity card.
- Deed of the land on the municipality leave.
- Document that the land is not mortgaged.
- Proof of income or documents of your assets, if any.
In addition to the above documents, it is important to remember that other documents may be requested by GoodBank and this is an event within the initiative of the branch.