If you want to build your own Single family housebut you must have funding to be able to do it, you will need it apply for a loan for self-promotion. Not all financial entities are willing to invest this capital, so it is important that you know that Colibid is ready to help you realize the project you have in mind.
With this loan you will be able to finance up to 100% of the budget for the execution of the works, so you can focus on your goals without having to worry about getting the money. Read on to learn more about this proposition.
What is the Colibid self-promotion mortgage?
A online mortgage of self-promotion It is a mortgage loan that is specifically aimed at those individuals who need liquidity to build their home. This is not the same as a mortgage to buy a house that has already been built, as this will provide you with the money, before there are any houses left.
This financing could reach 100% of the real cost of the construction and offers a duration of amortization up to 30 years. For example, if you own land, you can access this loan through Colibid to build your dream home. The purpose is to help people who are not satisfied with a house already built, but who they want to design their own home.
Necessary conditions for applying for a self-promotion loan
In addition to the usual creditworthiness requirements needed to apply for any mortgage loan, this type of mortgage, have specific conditions. The first thing you should know is that the financial institution will not give you all the money at once, but will give you liquidity as the builders need it.
These are the Necessary conditions you must meet to apply for a self-promotion mortgage:
> Have their own building land: the interested party must certify that they own a building land and that it is registered in the Land Registry.
> Have a building project drawn up by an architect and approved by the College of Architects.
> Apply for a building permit at the competent town hall.
> Have an execution budget prepared by a construction company.
Advantages of having a self-promotion loan
S advantages that a self-promoted mortgage can offer you in a financial entity such as Colibid are as follows:
> You can build the house of your dreams.
> It is easier to obtain this type of financing if you already have land.
> The capital is not fully disbursed.
> Requirements are less complex than applying for a conventional mortgage loan.
> The loan installments are paid on completion of the work.
Now you know self-promotion mortgages can be applied for online at Colibid and what benefits they will have for your project. Check out the financial institution’s website Hummingbird to see all the services they offer and contact them without obligation, to answer any questions you may have.
