Construction loans are perfect to take advantage of a piece of land and grow your equity, know what your financing options are.
Many times the idea of buying a built home, be it new or used, does not sound attractive enough, as people want to build a property that is fully tailored to their needs. If this is your case, construction loans may be the ideal credit for you. Construction loans are a type of mortgage loan that, as the name implies, are designed to finance the construction of a home on land that belongs to the borrower. Next, we present some of the best Construction loans Sydney and we explain how to choose the best one for you.
What are the loans for home construction that exist in Mexico?
- Bank construction loans
- Loans for the construction of financial institutions
- Infonavit construction credit
- Fovissste construction credit
Bank construction loans
Banks are the most popular sources of credit that people who are interested in building a property go to, since unlike other institutions they do not require any type of affiliation.
In Mexico there is a great supply of loans for construction of houses, which have a wide range of interest rates, credit amounts and requirements, depending on the bank that offers the construction loan.
Within the list of banking institutions evaluated by the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF), in the period between January and June 2020, the 5 best-rated banks for their mortgage credit product are:
- Affirm
- BanBajio
- HSBC
- Santander
- Banregio
Infonavit construction credit
Infonavit’s traditional mortgage loan allows its beneficiaries to access a sum of up to one million 846 thousand 165 pesos, depending on the payment capacity of the beneficiary, and an annual interest rate of 12%.
To access this financing you must have the prequalification of Infonavit, as well as present the architectural project, work program, construction budget and construction license.
Fovissste construction credit
The Housing Fund of the Institute of Social Security and Services for State Workers (FOVISSSTE) offers its beneficiaries the Construyes tu Casa credit scheme, which grants up to one million 133 thousand pesos plus an amount equivalent to the balance of the Subaccount. of Housing, with an interest rate of between 4 and 6% per year.
To enjoy this construction loan, you must be a Fovissste beneficiary, have at least 9 two-month contributions to the Housing Fund, and have not processed another Fovissste loan, in addition to the fact that the land where the property will be built must meet requirements such as:
- Have basic services (water, electricity and drainage).
- Being in an urban area or in the process of urbanization.
- Be owned by the borrower or be at least 50% co-owned.
- Be free of lien and vacant.
- Have a valid appraisal.
How to choose the best home construction loan for you
Although factors such as the annual interest rate and the maximum loan amount are some of the most important characteristics when choosing a construction loan, before choosing a loan you should also consider other factors such as the Total Annual Cost and the term of the loan. credit.
If you are in search of the best construction credit for you, requesting a credit prequalification will allow you to know the construction credits to which you have access, as well as the interest rate that you would obtain, the maximum amount that you can obtain and other characteristics of the loans.
If you are ready to find the best construction loan for you, with Credimejora you can get your credit prequalification quickly from the comfort of your home. What are you waiting for to know the best credit for you?
