What is a Home Mortgage Loan

The advantages and disadvantages of home mortgage loans are somewhat different from general home loans, home loan refinancing and home loan increase loans. Although the application method is very similar to the second-child home loan, it is still a little different in essence! Home mortgage loans are suitable for people who have owned a house for a while, and use the house as collateral to apply for mortgage loans from banks, financing companies, and private lending companies.

What are the procedures for self-built loans?

The process of self-construction loans is quite cumbersome, and there are many loan restrictions. In addition to the need to apply for legal licenses and project progress control, it is also necessary to pay attention to start the construction within one year, and the loan funds will not be confiscated. Under the restrictions of many loan conditions and regulations, many loan applicants are unable to undertake it themselves, and it has become a common thing to give up halfway. Therefore, banks tend not to undertake this business. Therefore, this article [Uncle Loan] will provide a 6-step simple loan application method. With 30 years of banking and legal experience, we will help you prepare relevant documents and point out the precautions for each process. Now let's first understand what the percentage and interest rate of self-built loans will be?

What is the self-built loan ratio?

There are generally three types of self-construction loans, namely "land financing", "construction financing", and "civil construction financing" in which the first two are both.

The percentage of the bank loan is 50-70% of the appraisal value of "land financing", and 50-70% of the construction cost of "construction financing". If you successfully obtain more than 80% of the loan amount, you need to go through a private financing company or an agency letter.

What is the interest rate for a self-built loan?

Self-built loan interest rates can also be divided into the above two types. If the loan channel is a bank

The annual interest rate of the "land financing" loan is 2.5% to 7%

“Construction Finance” loans have an annual interest rate of 3.5% to 8%

On the other hand, if you choose a private financing company or an agent, the loan interest rate is often calculated on a monthly basis, so please pay more attention before taking out a loan.

What are the self-built procedures? 6 steps to apply for a loan easily!

The following [Uncle Loan] provides you with the process of each stage of the self-built loan. Prepare the documents before the loan, which can speed up your loan approval time! Submit application: prepare land transcript, financial proof, ID card copy, and apply for housing loan from Uncle Loan.

Land appraisal: After submitting the application, Uncle Loan will evaluate the land value based on factors such as the size of the land, its location, and the use of zoning, or refer to the recent land transaction price.

Delivery review: After completing the valuation, Uncle Loan will send the financing company or undertake the matching of documents according to your loan plan. There is no need to review your joint levy record during the process.

Signing and guaranteeing: After the review is approved, our commissioner will contact you to agree on the guarantee time and complete the contract.

Mortgage setting: At this stage, we will issue a certificate of qualified land for the national examination to accompany you to the Land Administration Office to set the mortgage. A copy of the land title must be provided for the bank to set the mortgage.

Appropriation of Loan Appropriation: After the above procedures are completed, the funds will be transferred to your designated bank account. At this time, Uncle Loan will confirm with you whether the funds have been received.