What is the best loan to build my house?

Best loan for house: If you currently have land or a half-built property, this information is vital for you, since you will be able to generate extra income. Here we answer the question of what is the best loan to build my house.

In recent years we have seen how many people have reinvented themselves in order to have an extra monthly income. Some were able to start a business, while others saw their home as a new source of money. Thus, the financial system has been adapting to the needs of the people.

In this sense, mainly banks have created solutions for those who wish to build, complete areas or remodel their homes. In this way you can put them in value and rent them to have a new income to the family basket.

What is a loan to build a house?

This type of loan is for the money to be used for the planning and work of a real estate, that is, the labor and materials are covered in full.

A fundamental aspect of this type of financing is that it allows the completion of the construction of the air of a property, as well as starting from scratch or, simply, remodeling a home to be rented, either for personal or business use.

It should be noted that the home construction loan has slightly higher interest rates than those of a traditional mortgage loan, and the payment term can be between 6 and 36 months.

In that sense, it is important that if you are thinking about this type of financing, then be cautious and analyze with a cool head the objective you want to achieve by having the property already finished in its entirety.

Do you plan to rent as a business or as an independent house? How many floors do you want to increase in your home? Do you already have the designated master builder or architect? Will that money obtained go for savings or for your children’s studies? These are some questions that you must have clear to get the most out of it.

Where can I get this type of loan?

The Peruvian banking system gives you several alternatives to finish the construction of your house. Thus, you can find:

BBVA Construction Credit

Construction, remodeling or expansion of a single-family home. You must cover the costs of appraisal, notary, registry, policy, credit insurance, property insurance and more.

Construction of housing MiBanco

It finances you up to 100% of the work and they can choose spouses. Having a normal credit rating is essential.

Construction Credit BCP

You must have a good payment history, an excellent credit profile and a license granted by the District Municipality for the operation of the work.

Credit Box Arequipa Builds

It offers the possibility that if the house belongs to your parents, they should be the guarantors. In addition, the disbursement is made as construction progresses.

Loans with Mortgage Guarantee

It offers fast disbursement and flexibility if you are reported to Infocorp. It advises you if you have formal or informal income so that you can access the best proposals. Payment terms are up to 120 months, competitive rates, in addition to wildcard installments. Loans start at S/ 35,000.

As you have seen, offers you better benefits. In addition to being registered with the SBS, the fintech offers you alternatives to meet your obligations through grace and amortization periods.


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