Construction Funds Loan

After you have purchased land the next step is usually to build.  We therefore make a loan available to you to construct a habitable unit on the land if you have already received a House Lot Loan or NHT Serviced Lot Loan.

The Construction Funds Loan is a Non-Homeowners’ Loan

The maximum you are allowed to borrow is the difference between the Non-Home Owner’s Loan limit at the time you are applying for the construction funds and the amount you had already borrowed to buy the land.  That means –

Construction Funds Loan = Non-Homeowner’s Loan Limit – Amount already borrowed.

If for example you had already borrowed $3.5 million to buy the lot and the Non-Homeowners' loan limit is $7.5 million, then you can borrow up to $4 million (the difference) as construction funds. The final sum that you are allowed to borrow will depend however, on your age and income and your ability to repay the loan.

The total of the loans for the land and the construction will not exceed the Non-Homeowners' loan limit.  If the cost to construct the unit is more than the amount being borrowed from us, then you must use your own funds to cover the difference before the trust begins disbursement.

Click Here to find out how to apply for your Construction Funds Loan.

Click here to learn about our loan limits.