Buying real estate on credit:
- There is no need to provide certificates and guarantees to the guarantors.
- If on completion of the construction (1-2 years) the buyer has not paid the loan, annual interest is paid on the remaining amount. The average interest rate is 8-9%.
- There are also no additional registration fees and early payment fines.
- The purchaser of a property purchased on credit or in installments becomes the owner of the property after the first payment and the legal owner after the commissioning of the real estate.
Indicative loan plan for the purchase of primary real estate:
- Down payment £ 1000-2000;
- Upon signing the loan agreement – 25%;
- Upon completion of framework construction – 25%;
- Upon completion of all “initial” construction works – 25%;
- After completion of all interior finishing works of apartments, installation of plumbing fixtures and built-in furniture – 20%;
- Upon receipt of the keys from the real estate – the remainder of 5%;
Buying a finished home on credit:
- no need to wait for the completion of construction;
- the price is usually lower since all necessary taxes and fees were paid by the previous owner;
- the buyer determines the amount of the down payment;
- the balance is paid for a period from six months to 10 years;
- average annual interest rate 8-9%;
Interest-free installments are a separate category of housing loans provided in cases where the customer lacks a small amount of money to buy, and the developer makes a concession. The buyer is offered an individual payment system, which is usually limited to the moment of completion of construction work.