home loan for purchasing land and constructing house?

I need to know whether any bank would give loans for purchasing land and constructing a house on that land together.
If yes how much will be the amount and what is the procedure?

4 Replies to “home loan for purchasing land and constructing house?”

  1. The would only grant a percentage of the value of the building and land combined. They normally require the borrower to have a substantial downpayment (usually the value of the land) and then they only release the money on the building as work progresses to minimise their risk

  2. You will be better off purchasing the land first in cash, and then have a large amount for downpayment on the construction. You will qualify for a construction loan which is a mortgage…but…you receive the monies as the builder requires. It is held in trust with a lawyer..usually 3 or 4 payments from start to finish. You can get a mortgage for the whole thing, but you will need a large amount for downpayment…just go to your bank and ask..they will give you all the details you need to get started and the directions you need to go. It may not be so difficult where you are, but banks here do not like to give out money for bare land..even if you want to build on it…I think they have had too many problems in the past.

  3. Hi I am Tony Walker I graduated three month ago from the university before I graduate it was very hard for me to pay my fees as my parents was not able so I have no choice other than to apply for a loan online and a friend introduce me to Harry White who is the managing director of harry white loan firm and I was give a loan today I am grateful to this man who made me who I am,so if you are looking for a loan online and dont want to be scam I will advise you to contact him via email [email protected]

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