Compared to a traditionally built house, the price is one of the great advantages of opting for a prefabricated house. However, there are true works of art that have nothing to envy, whose economic cost may require financing.
To find out if we can qualify for financing when purchasing a prefabricated house, the Modular Home company has compiled a list of criteria to meet in case we want to apply for a mortgage.
This type of transaction is not too different from the usual mortgages. Banks are willing to finance “approximately 80% of the amount of the property, which means that the user must contribute the other 20% plus expenses,” they explain on their blog.
The main difference is that the entity does not give the client all the money at once, but rather makes payments with smaller amounts as the work progresses, and they are extended until it is finished.
Criteria to meet
To finance an operation of this type, Modular Home recommends meeting the following criteria:
– The site, in our possession, on which the house is to be located must have urban qualification.
– The house must be cemented to the ground.
– The project must have the approval of the College of Architects, as well as a municipal license granted by the City Council, complying with urban planning regulations.
– Once the work is finished, the dwelling must be registered in the Land Registry. “This way you will convert your promoter mortgage into a mortgage for the property built for use,” they point out from Modular Home.
Although each company can present its own peculiarities, from Modular Home they point out the documents that, for them, are necessary when requesting a loan. “The documentation that you must provide is the same as that required for traditional construction,” they specify.
– Copy of DNI of the future owners of the house.
– Copy of Employment Contract (except self-employed).
– Copy of the last 3 pay slips.
– Copy of tax receipts presented mandatory and Social Security (in case of self-employed).
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