Low Cost Mortgages

Target First Time home owners seeking residential mortgage financing to the value of G$15M.
  • To provide assistance to eligible borrowers who wish to purchase land and/or construct a residential property. Please note that the land is not restricted to those allocated by the Government.
  • Takeovers from other banks, purchase of properties and refinancing of existing Easy Home Loans are not permitted.
  • In the case of cost overruns, completion of construction can be facilitated at the rate applicable for the total value of the existing and proposed facilities. The borrower must be advised prior to the processing of the new request
  • Competitive Interest Rates
  • Extended Payback Period (repayment term)
Loan Limits The percentage of the loan in relation to the value of the security shall not be less than 75% of the estimated value of the property when completed including the value of the land.
Term Amortisation over a minimum period of 20 years. Applicants must be under the age of 65years by the time the mortgage is repaid.
Monthly Income No ceiling. Salaries are to be assigned to the Bank where applicable.
Interest Rate
  • 4.00% per annum for amounts up to $7,000,000
  • 5.75% per annum for amounts over $7,000,000 up to $10,500,000
  • 5.95% per annum for amounts over $10,500,000 up to $15,000,000
No splitting of facilities is permitted.
Equity Contribution Customer must provide a minimum of 5% equity towards the venture. Value of the land may be considered.
Repayment Provisions By monthly amortised installments, commencing three (3) months after initial drawdown. Interest only to be paid during this period. Please note that in these instances the repayment term commences after the moratorium period.
Fees/ Charges
  • Application Fee: $4500
  • Negotiation Fee: $5000
Insurance The building should be insured for the full replacement value with the Bank’s interest noted.
Special Conditions
  • The Bank will accept the Letter of Assurance issued by the Minister as evidence of prospective ownership of land by the applicant.
  • Loans shall be primarily secured by a mortgage on same house and land for which the loan was granted. Mortgages will be established, utilizing the following:
    a) Transport
    b) Registered Declaration of Title
    c) Certificate or document of absolute title under the Lands Registry Act
    d) Lease for a term of not less than forty years
How to Apply Apply online or call any of the nearest Republic Bank Branches to schedule an appointment to visit a Sales Officer.
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