Unlike a regular home loan, construction loans are different. It has a different purpose, context, and goals. They are given primarily for anyone planning significant renovations of the existing property, starting a new construction of your home in a land lot, or sometimes it includes buying your own land lot and building on the same. Whatever the case, talk to FINSAGE Financial Solution, an experienced broker. We are your trusted construction mortgage broker specializing in locating your best loan deal from our vast network of reputed lenders.
With a construction loan, we obtain your loan in instalments throughout the construction process rather than all at once at the beginning. This arrangement protects you while working with a builder because you often pay interest on the amount drawn in instalments instead of the entire loan amount.
Customised construction of your home has several advantages and biggest being your aspirations for a dream project and the creative control over the project from the day one. More than being cost effective, it is choicest location and land lot where you can build the home or business office. Customised construction can be done in your existing current property too through renovation. FINSAGE is here to assist you with construction and renovation loans, for residential and commercial purposes as well.
Our trained team members will understand your requirements, analyses various alternatives, take you through the loan options, and help you decide on the right loan.
Before initiating your home's construction, the contractor usually prepares a document stating the overall projected cost, a breakdown of the stages, and the payment schedule. The contractor issues an invoice after each stage. The lender may cross-check that the construction progress is as stated.
Construction of the frame, roof, and windows with brickwork.
Installation of exterior walls, doors, and windows.
Installation of electricity, plumbing, sewage lines and plasterboard.
Final touches, including final electricity, plumbing, and cleaning, are made.
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