A dream home, the one you can call your own possession – is a desire every individual wants to fulfill during their lifetime. Some are able to achieve it sooner than later. Building a dream house incurs a lot of expense, hence a buyer resorts to a loan option to arrange for the required finances.
Home-Construction Loan: Basics Of An Ultimate Guide
Home construction loans are the preferred mode of loans to build a house or reconstruct an existing building. These loans are primarily short-term loans. This loan is taken against the mortgage of the property on which the house is being built and is either repaid after the construction is complete or is wrapped into a traditional home loan.
Types of Home-construction Loans
- Construction-to-Permanent Loan
While opting for this category of Home-Construction Loans, you need to provide a detail