Things to Remember while opting for the construction loan

Construction Loan

The construction loan is a  loan type that is used for financing the process of building a home or any real-estate project. The buyer or builder of the home acquires the construction loan for covering the project costs before the construction starts and the funds are released in accordance to the progress of construction. If you are undertaking major renovations or building a new home, the construction loan might be a suitable loan type for you. The instalments are received at various stages of the project rather than a lump sum loan amount.

Why should you Choose a Construction Loan

With the construction loan type, the interest are to be made only on the payments. During the end of the construction, the loan type automatically switches to the one selected by you in the beginning. Although you might be required to incur the initial charges associated with the initial deposit amount for starting the project of construction, this home loan type covers all the other construction expenses. Normally, the lender will require 5% of the total cost of the building project as a down payment.

Things to Remember while opting for the construction loan

  • The builders and workers are paid for the work done for the construction so far, which can lead to motivating the team towards achieving the targets on time.
  • You might be required to present more documents while applying for this loan, including the quotations, building plan and building contract.
  • This includes less amount of the interest based on the amount borrowed for each stage separately.

Why is it a smart choice to contact our mortgage brokers

Your expert guide in home buying journey

It is not an easy task to buy your first home. In fact it sure is one of the biggest financial decisions one makes in a lifetime. There is too much to know as it will be a completely new learning curve and no doubt there will be a lot of anxiety.

Therefore it definitely helps to have someone by your side throughout the home buying journey, making sure you understand the process every step of the way.

More options for all client profiles

Type of employment can have a bearing on what loan option and which bank will be best suited for you. We get cases for a lot of self employed clients who say that it has been difficult for them to get the desired loan. Our brokers specialise in loan applications for all types of employment. Whether you are self employed or on a casual or part time employment or having irregular incomes, our brokers have in-depth knowledge of the bank policies and can suggest a loan solution as per your unique situation.

Access to a wide range of loan products

Our brokers work for your benefit. They are not working for a particular bank, or vendor or any real estate agent. They have just your best interest in mind and therefore can compare a wide range of loan products.

Personalised attention

With Nfinity Financials you will get a personalised attention to your requirements, which you may not find with big corporate style financial institutions or banks. Our clients are our first priority.

Our Client Testimonials

See what our customers have to say about Nfinity Financials products, people and services.

“It was great working with Parag and team for my home loan process. He was always available to clarify doubts when ever I called him . He was able to get me multiple options for selecting the home loan…”

Tarun Kumar Manoharan
Submitted on Dec 2020

Great Service!
“Parag and his team is very professional with attention to detail at every step of the way of the loan process. Excellent service with personal care for clients!”

“Parag provided me all the information for my home loan that I could possibly need, and he made the loan easy and stress free. I can easily say that his service, knowledge, expertise and genuine time also attitude is first class…”

Manoj Mehta
Submitted on Jul 2020

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