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Self Construction Finance, sometimes called a self-construction loan, is a type of financing provided by UAE banks specifically to cover the costs of constructing a property.
This financing product is designed to cover the expenses related to the building project and construction costs. Due to the higher risks involved compared to purchasing a completed property from an established developer, construction loans typically carry higher interest or profit rates than standard mortgage loans.
When a borrower takes out a construction loan, the lender disburses the funds directly to the contractor instead of the borrower. Construction loans can also be used to finance renovation and restoration projects.