The NBS Bank Mortgage facility provides you a once in a lifetime opportunity to own your own home. Institutions can also acquire property through this facility.
- Offer letter/ sale agreement.
- Identification document (Passport or drivers license)
- Income documentation (3 most recent payslips or letter of salary)
- Confirmation from employer or 6 months recent bank statements for the self employed.
- Copy of certificate of lease or land certificate.
- Bills of quantities and approved plans (if constructing).
- A valuation report from a registered and Bank approved valuer/quantity surveyor.
- An NBS Bank active account aged 6 months and above.
- Memorandum/Articles of Association
- Board resolution to borrow from the Bank.
- Audited accounts for preceding financial periods plus latest management accounts.
- Up to 80% collateral value
- Base lending rate (owner occupied)
- Base +2.5% (for renting purposes).
- Base + 5% (Commercial buildings)
- Base + 7% (Personal Loan against mortgage)
- 180 months maximum for occupational mortgage
- 120 months maximum for rental mortgage
- 60 months for commercial mortgage and personal loans against mortgages.
- Interest calculated on reducing capital balance basis.
- Monthly, Quarterly, bi-annual repayments are permissible.
- Bullet payments allowed.
- Property gets insured against loss due to fire and other natural causes.
- Borrower’s life is insured to protect the mortgage (funds used to liquidate or reduce loan amount upon death of borrower).
- NBS Bank mortgage can also be used to build a new house or make home improvements