| Author | Message | ||
     Sinna Mudiripoyina Bewarse Username: Sinna Post Number: 22976 Registered: 04-2005 Posted From: 73.73.226.93 Rating: N/A |
Annayya, meeru anedi Construction Loan gurinchi anukunta. If we are getting a house built in custom style, ante naku oka Builder telusu, ayanatho illu kattinchukuntunna, after buying land myself aithe, appudu Mortgaeg loan ki approval kosam ellinappudu, we also ask the Bank that we will need construction Loan. That has also to be approved seperately out of Mortgage Loan. Yes daniki Interest ekkuva untadi, around 5%, and interest is calculated monthly on amount withdrawn fromt he costruction loan by builder. Builder konni works ainappudu to pay them off, will submit a document to a Title company, vadu manalani aduguthadu is this alla valid ani, yes ani santhakam pedatham as a owner of the house. Then The title company tells bank(Lender) to release money. So aa money entha unte dani meeda around 5% interest kattali manam throughout. Once Builder is ready to handover keys, then this Construction Loan is converted to Mortgage Loan in same bank, or different that we can decide. If Bank does not approve COnstruction Loan, even though Mortgage Loan is approved for same amount, then option is the Builder himself will apply for the Constructin Laon which has higer Interest rate like around 7-8% anta. Andukani illu owner aina maname Construction loan teesukotam if approved is best option. Idi naku telisndi, hopefully meeru adigindi ide ayyi undali. Naa Gunde Aadinaa... Aaginaa Nee Kosame...Balayya |