Construction loans – Processing a loan for the acquisition of a lot to build the house you have wanted so much or also to buy a house already built is one of the best decisions you can make. And we know that you must have many doubts, that is why we share with you specific information that you must know in order to have the bases to make the right decision and thus not harm your financial situation.
The construction of houses is an issue that many fear because it is thought that it is a very expensive process or that it is necessary to have all the money in hand to start construction. However, you should know that you have the option of requesting a loan to build your house or to buy land; it’s just a matter of knowing what these financial products consist of.
Infonavit credit to build
It is aimed at those who already have their own land or are married under the marital regime and want to build on their spouse’s land so that they can start their project immediately, because it must be completed in a maximum of 180 days.
This financing allows you to use a part of the credit to register your land with the Public Registry of Property. And the amount with which you can do it depends on your salary and will be taken from the savings you have in the Housing Subaccount.
To request it, your land must meet specific characteristics and you must present both the program and the work budget where you indicate the type of project you will do, the name of the person who will support you technically, the expenses you will have and the schedule of jobs.
There are also other aspects that you should take into account such as:
- Consult the presentation certificate for construction on your own land, so you know what your lot should and should not have.
- Request and subsequently fill out a value study and technical opinion of the land, in order to meet the requirements of this credit destination.
- If there is already a building on the land where you are going to build, it will be included in the Structural Safety Report, but it will not count in the value of the work you do.
- You must hire the services of a builder who is in the Single Housing Registry and sign a construction contract with him.
- The amount of the credit will be delivered to you in four installments and you will have to verify the progress of the work through the visits made by a verifier, to whom you will have to pay the fifth part of 1.5 percent of the total building budget.
MORTGAGE LOAN FOR HOME CONSTRUCTION
- 100% of the construction budget is authorized.
- Grace period in the payment of capital for the term of the construction, only monthly interest is paid.
- Partial disbursements according to the progress of the work, with the presentation of an appraisal.
- Relation loan guarantee up to 80% of the value of the Commercial Appraisal.
- Terms up to 25 years for housing construction.
- Nationality: Guatemalan.
- Foreigners with a General Judicial Mandate with a Special Clause may apply, provided they have a valid employment contract and permanent residence.
- Guatemalans residing abroad as long as their immigration status is legal. All your documentation must be sent with Law Passes.
Interest rate:
- Variable annual interest rates from 8% in Quetzales.
- Variable annual interest rate from 7% in dollars.
