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
Penalty Interest
- Base Rate + Risk-Based margin + 10% (for non-payment)
Cost to Access Facility
- Residential Mortgage processing fee
- Commercial Mortgage processing fees
- Disbursement fees
Mortgage Other fees includes:
- Withdrawal of Approved Loan after 10 days
- Title Deed Photocopy
- Mortgage Loan Statement fee
- Internal Property Valuation fee
- Bank undertaking
- Balance Confirmation
- Consent to Create Second Charge
- Loan Rescheduling with Arrears fee
- Loan Rescheduling without arrears capitalization fee
- Home loan Dishonoured cheque/standing instruction/debit order
- Mortgage Statement for Tax purposes fee
- Account Reconciliation beyond 6 months/ and every year there after
- Life cover insurance
- Property Cover Insurance
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
- Identification document (Passport or driver’s license)
- 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