Prefabricated and modular houses They continue to boom compared to traditional construction. The price, construction time and variety of designs have become some of its main attractions for buyers.
However, there are many doubts that may arise for a future owner: Can I request a mortgage to finance buying one of these homes? What documentation do I need? Under what conditions will I do it?
criteria to meet
If we have decided on the home and proceed to request a mortgage. What documentation is necessary?
To finance an operation of this type it is necessary meet very specific criteria:
- The lot on which the house will be located must have urban classification
- The house must be founded on the ground
- The project must have the approval of the College of Architects
- It is necessary that the City Council has granted us the municipal license in compliance with the urban planning regulations.
- Once the home is completed, it must be registered in the Property Registry and you will convert your promoter mortgage into a mortgage for the property built for use.
The necessary documentation
In addition, we must have a series of documents when requesting the loan.
If you want to know if your project is viable, you will have to provide us with different documentation:
- Copy of ID of the future owners of the home.
- Copy of employment contract (except self-employed).
- Copy of the last 3 payrolls.
- Copy of mandatory submitted tax receipts and Social Security (in the case of self-employed).
The documentation that you must provide is the same as that required for traditional construction.
Currently Modular Home has several financial entities that can facilitate financing.
The basic characteristics of the mortgage
Once we have all the necessary papers, the next step is to get the mortgage. What conditions can we expect?
The financing of this type of acquisition is not far from traditional mortgages: banks are willing to finance approximately 80% of the amount of the property, which means that the future owner must contribute the other 20% plus expenses, in addition to owning the land and Terms can be extended up to 30 years, in line with the market.
The main difference is that The entity does not give the client all the money at once, but rather makes payments of smaller amounts as the work progresses, under the architect's certification and within the duration of the work.
Know your budget
Now that you have decided to buy a home, it is time to see if the numbers add up. At Modular Home we seek to help the client throughout the entire process and financing is no exception.
We work to offer you the best conditions whatever the project you have in mind.
Thanks to the different agreements we have with financial entities We will seek to adapt as much as possible to what you need.
Want to know more? Our commercial department will be happy to inform you about all the keys to financing a prefabricated house. haz click here. and we will advise you on everything you need.
