If you are thinking about building your ideal home , or remodeling it, instead of buying one that may not be perfect for you, you may be in knowing the best home construction loans that you will find in Chile.
If your project is to build or remodel
Your home and you are looking for a loan that fits your, it is best to start looking for the best loan for self-construction of a home. However, we will take some time to remember what is a home construction loan?
What are self-construction loans?
Self-construction loans are a type of mortgage loan that a bank or other financial institution grants to build or remodel a home for an individual.
This type of loan is usually short-term, and in many cases
It is not necessary to repay the amount of the loan until the renovation or construction is finish, but that depends on the entity that grants you the self-construction loan.
As in all processes, applying for a loan requires a series of requirements. Let’s look at the general requirements to apply for the best loan for self-construction of housing in 2024.
Requirements to apply for a mortgage loan:
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When applying for a self-construction mortgage loan, you must take into account the following requirements:
Minimum age: 18 to 21 years depending on the bank.
Nationality: Be Chilean or foreign, with legal residence in the country.
Background: They must present a good commercial background, not have any current debts or protests. And not be in Dicom .
Seniority: At least 1 year of seniority or start of activities if they are self-employed. For variable salaries, their monthly earnings will be adjusted by 20% or 30% to obtain a guaranteed monthly amount.
Since there is a requirement from the banks
It is an advantage for those who work in an employment relationship with fixed earnings.
Salary: The dividend to be paid cannot exceed 25% of net income. For example, if they earn 1 million pesos, they must have 250 thousand pesos top 10 places to visit on your trip to Greece available to pay the installments.
Savings: They must have money to pay the down payment. Banks do not grant 100% of the mortgage loan, so the applicant must cover the rest. Banks can grant up to 80% of the value of the home, and in certain cases up to 90%, if they have a high salary.
Other documents: Some banks may request proof
marital status or current address.
Appraisal: The bank will carry out an appraisal of the property you wish to purchase and, from that moment on, may request additional documents, property or other aob directory types of documentation. By completing this, you will also be able to meet the requirements to purchase a home.
How does the self-construction credit work?
To apply for a self-construction loan , it is usually necessary to have a plot of land on which it is feasible to install drinking water and sewage. Below we explain the steps to apply for a self-construction loan:
The first step will be to develop the project
Therefore, Present the project to the bank
The bank carries out the evaluation of the project and gives its response
If approved, financing begins with commercial link credits.
The credit amounts will be released as the project progresses through its different construction phases.
Once construction is complete and municipal approval has been obtained, the debt from the self-construction loan can be transferred to a mortgage loan.
Below, we will see the best loans for self-construction of housing :
offers its clients the Construction Mortgage Loan, which was created to support them in building the house of their dreams. BCI finances both the purchase of the land and the construction project.
The BCI Construction Mortgage Loan has the following characteristics:
Maximum credit amount : up to 90% of the total value of the project.
Minimum Credit Amount: UF 1,000
Minimum appraisal value of the completed project 4,000 UF (Metropolitan Region) and UF 3,000 UF in regions
Exclusive for clients with a BCI Current Account .
Minimum income of UF 100
Credit works as follows :
Therefore, Finance the purchase of the land.
Finance the construction .
It offers link credits that are granted as the construction project progresses . Clients can choose to apply for these credits by paying monthly interest and the capital at the end of construction or simply pay both (capital and interest) at the end.
It also offers a mortgage loan, at the end of construction , to cancel all the link and the financing of the land if .
Bank of Chile
Banco de Chile offers its clients the Construction Loan , in order to support them in the financing of their construction project .
Fire and Life Insurance that will cover your debt during the construction period.
You start paying when construction is.
Therefore, Link , which are according to the progress of the construction project.
Mortgage loan upon completion of construction and with which all link are paid .
It is an important requirement that the applicant has the land, since the bank does not finance its purchase.
Santander Super Mortgage
Banco Santander offers the Super Autoconstruction Mortgage Loan , the Loan for you to build the home you’ve always.
Among its features we find:
Present your project to your account executive. Once the bank carries out the commercial evaluation and it is , financing begins with commercial link , the amounts of which are on the progress of the project.
Financing through construction line.
Once construction is , and after obtaining the Municipal Reception, you can choose to transfer this debt to a Mortgage Loan.
Mortgage insurance with excellent coverage.
Option to make prepayments at any time on the.
Therefore, Minimum requirements to qualify for a Mortgage Loan:
Minimum age for entry: 21 years.
Maximum age for entry: 70 years.
Creditable income and in accordance with the bank’s current risk policies (for employees and independent workers).
Chilean nationality, or foreigner with permanent residence.
Verifiable address.
Therefor, Depending on each case. Different requirements may be than those here.
Costs and expenses
The costs and expenses with this are as follows:
Edwards Bank
Edwards shares similarities with those by Banco de Chile. since they are part of the same financial group. Therefore, applying to one bank or the other will not be very different.
Banco offers access to loans for the construction or remodeling of housing. And has options for link loans or mutual mortgage loans like Banco de Chile.
Bills
Appraisal costs (between 2.5 UF)
Notary fees (3.2UF)
Expenses for title and writing studies (4.5 to 6 UF).
Benefits
Therefore, Fire and property tax insurance that will cover your debt during the construction period.
You start paying when the construction of the house is.
It operates with two types of financing:
which are according to the progress of the construction project.
Mortgage loan upon completion of construction and with which all link credits are paid.
The Banco rate table for self-construction housing loans is similar to the costs and fees of Banco de Chile.
BICE
Banco Bice offers its Housing Construction Loan for the total amount of the value of the work. The money is given to the client as the work progresses. The credit is by the following aspects:
You have two options for repaying the loan : one, pay the interest during construction and the capital upon completion or pay the total at the end of construction.
Banco Bice will make the amount of the loan clear to the client , which helps control expenses.
Therefor, The total amount of financing will be in a Term Deposit. which will be during the work.
Link Credits are on the progress of the work. You can pay the interest monthly and the total amount of the at the end of the construction or both at the end.
