Interest
The interest on your construction loan, the interim interest, can be paid during the construction phase or included in the overall total of your loan.
With this option, you can avoid having to pay out twice if you have rent bills to cover during the construction of your new home.
Partial consolidation
During construction, according to how the work is progressing, you can convert part of our construction credit into a mortgage.
You can protect yourself from rises in the market by fixing your rate for this first segment.
Your mortgage interest is deductible from your taxable income.
How it works
You receive the construction loan as a current account credit. After you have added your own capital to the account, we can use your credit to take care of the purchase of the land and the payment of all the invoices related to the different types of work during the construction phase.
You can keep track of all expenditure and the progress of the work through periodic statements of invoices paid.
Total consolidation
Your construction loan is converted into a mortgage at the end of the construction phase, in a single step.
You decide how to distribute your loan into different rate brackets, each with a different duration so that they can be staggered to suit your personal and professional situation.
If you appoint a general contractor to oversee your construction project, we check their solvency on the basis of the following:
- trade register
- extract from the Enforcement Office (Office des Poursuites)
- submission of balance sheet and accounts
- information on projects/constructions they have completed
- presentation of a draft general contract
If you appoint a firm of architects, we examine your project in detail by means of the following:
- submission of a budget detailing each trade involved
- submission of a draft contract with the architect
... and together with you we watch over the construction.
If you appoint a general contractor to oversee your construction project, we check their solvency on the basis of the following:
- TOTAL:
if you are buying land and the construction will be carried out by firm of architects, you draw up the building plans with the firm of architects and can freely choose the craftsmen. The commissioned architect monitors the work on your behalf. - PARTIAL:
if you are buying a property that will be built by a general contractor as part of a property development, the general contractor is responsible for building your property for a fixed price determined at the outset. The general contractor will carry out the work and you will gradually invest according to a financial plan during construction. - ZERO:
if you opt for a turnkey property, your involvement is non-existent. In effect, you are buying a property off plan and you are not involved in the work. You will become the owner after the construction has been completed.