Credit facility that offers customers an opportunity to own Real Property
Facility Amount
- Up to 70% collateral value
Interest Rate
- Base Rate + Risk-Based margin
Cost to Access Facility
- Processing Fees of 2%
- Property Cover 0.188% of Property Value
- Mortgage Life Cover 1.8% of loan amount
- Legal fees
Term
- 240 months or years to retirement whichever is less maximum for occupational mortgage
- 60 months for commercial mortgage and personal loans against mortgages
Security
- Real property at 80% loan to value ratio
Requirements
- Offer letter/sale agreement
- Income to instalment ratio of not more than 50%
- National ID
- Income documentation (3 most recent pay slips 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