Construction loan
Would you like to have a home specially designed for you, just the way you were dreaming about? The construction loan offered by OTP Bank is the bedrock of your future house, no matter if you choose to work with a specialized company or under your own administration.
Advantages
Why have an ordinary home? Take a pencil and a piece of paper and sketch the way you would like your future house to look like. Together with OTP Bank you can begin building it up and it’s worth benefiting of a lot of advantages, like:
- Large scale of accepted income;
- Competitive commissions and interest rates;
- The down-payment can be represented by: the already bought construction materials, the partially constructed house, the value of the land on which the house will be built;
- The grace and the usage period of the loan can be up to 18 months.
- The maximum amount that you can obtain is 200.000 EUR;
- The maximum reimbursement period is 30 years;
- The down-payment represents minimum 30% out of the construction project’s value;
- The collaterals have to be 1st rank mortgage on the land and construction, while life and construction insurance is also requested. The life insurance is compulsory until finishing the construction.
| Characteristics | Description |
|---|---|
| Destination | House constructions |
| Currency | RON, EUR, CHF |
| Credit amount | min. 1.000 EUR (or equivalent) – max. 200.000 EUR (or equivalent) |
| Granting period | minimum 6 months - maximum 360 months |
| Maximum amount of financing | maximum 70% of the Construction Project’s value |
| Collaterals |
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| Reimbursement method | Equal or descending monthly installments, composed of the principal and the interest |
| Early repayment | Allowed after the loan had been fully withdrawn, with the following conditions:
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