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Help with Building loan....Please

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Hi Guys,

I want to build a house and i have a builder that can build for me at R4000-R4500 per meter squared. I have seen other sites that he has built and im happy with the quality of his work. Now when i approached a bond originator for a building loan, she said my building quote was too low and that the bank will only approve a loan of R6000 - R7000psqm. The builder said he can give me 1 quote for the bank thats higher and another quote for me. The problem with that is if i multiply my sqm by R6000 it pushes my bond price up way over what i can afford and i would not qualify.

SO.........

Do i give the bank a smaller drawing to get a lower bond, qualify and build a bigger house than the sketch i gave them? or Do i build a smaller house and add the other parts to the house later?


Does the bank really check the build according to the plans on inspection???

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