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Persons seeking residential mortgage for the purpose of purchasing or building a house.
Persons seeking to renovate /extend owner occupied properties
Features
To purchase, construct, renovate or extend residential property.
Benefits
Tiered interest rates which encourage borrowing at the lowest rate of interest
Extended payback period
Loan Limits
No Ceiling
Term
For purchase/ construction of property maximum 30 years or term to
retirement, whichever is less.
Interest Rate
7.45% per annum for amounts up to $10,000,000
8.75% per annum for amounts over $10,000,000 up to $12,000,000
10.5% per annum for amounts over $12,000,000
Equity Contribution
For purchase/construction a minimum of 10% of the purchase price/cost
of construction. For construction purposes, the market value of the
land can be taken into consideration.
For renovations/extensions – none required.
Repayment Provisions
Monthly amortised payments. While monthly instalments are preferred,
in specific instances based on the nature of the business and the
frequency/timing of the cash flows, the payment can be structured as
necessary such as quarterly/semi-annually etc.
Fees/ Charges
Application Fee:
Up to $5M: $4,500
Above $5M: $6,000
Negotiation Fee:
Up to $8M: 0.5% of loan amount
Min.: $7,000
Max.: $40,000.00
Over $8M: 0.5% of loan amount
Max.: $155,000
Insurance
Life Coverage for the full value of the loan on the life of the borrower(s)
is compulsory
Special Conditions
Loans shall be secured by a mortgage on the same house and land for
which the loan was granted.
Mortgages will be established, utilizing the following:
Transport
Registered Declaration of Title
Certificate or document of absolute title under the Lands
Registry Act
Lease for a term of not less than forty years
What you will need
Before visiting our branches, ensure you have the following documents:
One (1) form of Identification - valid Passport or Identification Card
A Job Letter and two recent Pay slips
Income and Expenditure Statement if self-employed
TIN Certificate
Proof of Address (issued within the last 8 months)
Statement or passbook of your savings account if held at another institution
Statement of any outstanding loans and or your Hire-purchase card/receipts or Credit Union statement
If you are purchasing a property, the following are also required:
The Agreement of Sale or a Letter of Intent from the vendor
A copy of the Title Document which will be either a Transport, Lease or Certificate of Title
An updated valuation report for the property
Copies of up-to-date rates and taxes and GWI receipts, lease receipts, where applicable
If you are constructing a property, you’ll also need:
An approved building plan from the M&CC or other relevant authority
A detailed, signed estimate with a summary ( you can obtain a summary sheet at your nearest Branch)
A projected valuation report for the property to be constructed