Bridging and long-term loans are available to construct a home. Construction must adhere to local building codes and follow designs and specifications approved by local regulatory bodies.
Loan Features
- Interest Rates range from 6% - 8%, based on Property Value
- Up to 90% Financing
- Repayment Term of up to 30 years
- Origination Fee of up to 1% of the Loan amount
- Construction period limited to 12 months
- Mortgage Indemnity Insurance is not required
- Life Insurance is not required as additional security
- No Prepayment Penalties
How to Begin
Start by approaching TTMF to be pre-qualified. Pre-Qualification allows us to review your affordability. Your current age, the amount you regularly earn per month and the number of debts you service will all impact your mortgage affordability. The resultant mortgage amount you can service is detailed to you in our Pre-Qualification Certificate.
After you ascertain the amount of financing for which you can qualify, building plans must be approved, estimates submitted and Residential Authorities notified. Learn how to compile the legal documentation required to construct a home in our How-to Guide.
More Information
Required Documents
Standard Documents
- Evidence of Nationality (2 Forms of ID)
- National Insurance (NIS) Number
- Income Tax (BIR) Number
- Evidence of Income
- Evidence of Savings & Indebtedness
- Most Recent Credit Card Statement(s)
- Title Deed or Lease & Mortgage Deed
- Valuation Report
- Up-to-date receipts for Land & Building Taxes, Water & Sewerage Rates & Lease Rent
- WASA Clearance Certificate
- Utility Bill
Other Required Documents
- Settlement Letter for Land Loan
- Survey Plan
- Approved Building Plans (from Town & Country Planning Division & Regional Corporation)
- Signed Builder’s Estimate, in phased scheduled draw-downs
- Quantity Surveyor’s Report
- Completion Certificate from the Regional Corporation & final Valuation Report upon completion of Construction
- Evidence of Funds available for possible cost overruns, estimated at 10% - 15% of the total Construction cost
Documents, including Valuation & Quantity Surveyor Reports, to be submitted IN DUPLICATE where applicable.
Evidence of Income: Submit an Original Job Letter & Pay Slip. If overtime is inconsistent, submit 2 TD4 slips for the past 2 years. If self employed, submit Audited Financial Statements for the last 2 years.
Evidence of Savings & Indebtedness: Submit Audited Financial Statements from all Financial Institutions with which you deal, including Credit Unions (monthly payments towards loans must be indicated on these statements).
Fees & Costs
Estimated Application Costs
- Application: $150.00
- Title Search: $1,000.00 (initial)
- Acceptance Fee: 1% of Loan Amount or $500.00 minimum
- Credit Bureau Report: $65.00 per applicant
- Site Visit: $300.00 per visit
Initial Payment Requirements
- Attorney’s Fees (Deed Preparation)
- Statutory Fees (Stamp Duty & Registration Fees)
- Monthly Interest on Bridging Balances
- 3 months' Rates & Taxes
- 1 year’s Lease Rent
- 1 year's Contractor's All Risk Insurance Premium
