Did you know that it is possible to finance up to 80% of the value of your work? See all about financing for construction and turn your own home dream into reality
There are numerous advantages in building your own property: you can, for example, customize every detail, from the floor plan to the finish. Besides, after you make the move, repair and maintenance costs will be much lower in a new building. And the first step to achieving the dream of home ownership is learning how to get construction financing .
Therefore, Cerâmica Ermida prepared a special for you to understand how this type of loan works, what are the amounts covered and interest rates, as well as a step-by-step guide for you to get yours. Check out!
What is construction financing?
Getting real estate credit is not exclusive to those who are going to acquire a ready-made house. In construction financing , the bank finances both the purchase of the land and the work itself. Thus, some of the requirements to obtain this loan are:
- Be over 18 years of age or be emancipated at the age of 16;
- Have Brazilian nationality or a permanent visa;
- Have civil capacity, as well as payment;
- Not having the name in debtor records, such as SPC and SERASA, for example;
- Have no loans or financing in progress;
The bank finances up to 80% of the total amount and it is possible to use the FGTS to deduct the installments, if you have a formal contract for 3 years or more. The guarantee of the financing is the fiduciary alienation, that is, the property itself is used to guarantee the payment. Thus, in case of default, it can be taken by the bank to pay off the outstanding balance.
The interest rate is 5% per year and the price of each installment cannot commit more than 30% of your gross family income. In addition, families with an income of less than R$3600 may qualify for grants .
- Enjoy and see 5 planning tips to save on construction .
How does construction finance work?
Each financial institution has its own rules and conditions for financing construction . Therefore, the ideal is to search in several banks to find the one that offers the best rates and terms for you.
Then, you can check the step-by-step guide for Caixa Econômica Federal , which offers one of the main credit options in this modality.
First of all, it is necessary to understand your real credit possibility . The bank collects your personal information in order to determine the maximum amount that can be financed, the installment price and the payment term.
After submitting the basic documentation for requesting real estate credit , the bank evaluates the possibility of using the FGTS. It is also at this stage that the best type of financing for each client is determined.
Purchase of the lot
Finally, it’s time to buy the land . It is important to make this choice according to your credit possibilities. Here, it is possible that the lottery company requires the payment of a down payment to guarantee the purchase until the bank transfers the financing.
- Check out our tips and understand how to choose the ideal land to build your home.
Preparation of the project, budget and schedule
Then it is necessary to hire an engineer or an architect to provide all the documents for construction . It is important that the project is carried out in accordance with the bank’s requirements and that it undergoes approval by the city hall.
- Want to get away from rework and save money? So, learn how to set up a work schedule and avoid problems.
Financing with the bank
The financial institution will carry out an engineering assessment and, soon after, the financing contract for construction at the agency will be signed. As soon as this contract is registered at the property registry, the credit is released.
- With the financing approved, you can start the work. Check out how to prepare land for construction in 7 steps.
Ermida Ceramics: materials that fit in your pocket
Finally, much of a financially healthy project depends on the right choice of basic building materials . And, at Cerâmica Ermida , you will find blocks with the best cost-benefit on the market.
There are dozens of types of structural, sealing, special blocks and channels for your work. All with high quality, but with prices that fit in your pocket. Talk to us and request your quote today!