Lending Banks to Finish Construction

Lenders to finish construction, construction completion loan, is located in the continuation of our post information about lenders to complete the construction. Construction is one of the most difficult jobs in recent years, given iron cement prices. Unfortunately, in terms of completion time, these costs take quite a long time when costs are added, so you can finish your project by getting support from some banks. You can accelerate the process by taking out the construction loan and proceed to your next works. So what is a construction completion loan? Which banks give loans to finish construction?

 

Lending Banks to Finish Construction

Lending Banks to Finish Construction

The interest in the banks that provide loans to support the completion of construction is increasing day by day. In this article, we will try to give you information about which banks these banks are, how these application processes are implemented and more. Of course, if you want to use a construction completion loan again, first of all you should not have any negativity in your record.

 

Banks Granting Construction Completion

Banks Granting Construction Completion

First of all, let’s start by saying that although the banks that give construction completion loans 2019 are not actually a very old loan type, it is not much. In this article, we will talk about three banks, Bakibank, Isla Bank and Vinzbank. Banks that give construction completion loans are as follows;

 

Bakibank Construction Completion Loan

Construction Loan

Bakibank supports the construction completion loan provided that one-fifth of the project is reached. If the realization level of the construction is in the range of 20 percent to 80 percent, a loan called a rapid completion loan is given. This loan is given with a monthly interest of 1.11 percent. Thanks to this loan, you pay only monthly interest during construction, you can close your loan when the construction is completely finished.

With Bakibank’s fast-track loan, people get the chance to live in their homes faster than they plan. When they sit, they have their own homes as if they were paying rent.

 

Isla Bank Construction Completion Loan

Isla Bank Construction Completion Loan

Isbank offers a maturity of up to 120 months to complete the construction of your home with a construction completion loan . In addition, interest rates are kept constant. The house is taken under the mortgage until the end of the payment of the loan and the mortgage ends when the loan is closed. In order to benefit from this loan, the land on which the house is built must be authorized by the municipality.

The fixed interest rate for this loan is determined as 1.20 percent. This means that no matter how long the maturity period will be done, this interest rate will be traded. The term can be up to 120 months. The Bank asks you for insurance expenses, appraisal fee, credit allocation fee, pledge fee for movable or immovable property, notice and warning fee. This means that in addition to the monthly amount and interest you will pay when you use a loan, you must add these items to your expenses.

If you want to apply, you must have a good credit score. If you have an average grade, it is possible to withdraw credit through the guarantor. You will be asked for the following documents when applying.

  • Credit application form that you can get from the branch or online,
  • Original identity card and photocopy,
  • A copy of the land title deed showing the permission of the municipality,
  • Document indicating that the land is not under mortgage,
  • Documents showing your income,
  • Documents showing your assets.

More or less according to document job bank may ask you for your situation. You can also apply to the nearest Isla Bankası branch to complete your application with the above documents.

 

Vinzbank Construction Loan

Construction Loan

You can take advantage of the grace period of up to 24 months with Vinzbank construction completion loan. However, the interest rate starts at 2.66 percent and construction is guaranteed to be completed. With this credit service, you can get a risky structure determination report through the companies that Vinzbank has a contract with. Don’t forget to visit Vinzbank’s official website to get a list of contracted companies. You can get rid of the question marks in your mind by getting a free consultation from the official site.

  • The credit application form that you can get from the branch or online,
  • Original identity card and photocopy,
  • Photocopy of the land deed showing that the municipality is authorized,
  • Document indicating that the land is not under the mortgage,
  • Documents showing your income,
  • Documents showing your assets.

To give an example of the payments, a loan of TL 125.000 can be withdrawn with a fixed interest rate of 2.66 percent with a total interest rate of TL 464 with a maturity opportunity of 0 to 120 months.

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