Buy A Home
Buy A Home
- Interest Rate – 6%
- Up to 90% Financing
- Repayment Term of up to 30 years
- Acceptance Fee of up to 1% of the Loan Amount
- Second Mortgages Available
- Mortgage Indemnity Insurance is not required
- Life Insurance is not required as additional security
- No Prepayment Penalties
After you have been prequalified, you would then need to locate a property within your budget. Once you have identified a property, begin your mortgage application by submitting all the required documents and fees necessary. Learn how to compile the legal documentation required to finance a home in our How-to Guide.
Standard Documents
- Evidence of Nationality (2 Forms of ID)
- National Insurance (NIS) Number
- Income Tax (BIR) Number
- Evidence of Income (Job Letter / Pay Slip)*
- Evidence of Savings & Indebtedness**
- Most Recent Credit Card Statement(s)
- Title Deed(s) or Lease and/or Mortgage Deed
- Valuation Report
- Up-to-date receipts for Land & Building Taxes, Water & Sewerage Rates & Lease Rent
- WASA Clearance Certificate
- Utility Bill
Additional Documents
- Agreement of Sale
- Certificate of Good Character (for HDC properties)
- Certificate of Assessment from the District Revenue Office
- Completion Certificate from the Regional Corporation where property is less than 4 years old
Additional Documents
- Approved Building Plans (from Town & Country Planning Division & Regional Corporation)
- Signed Builder’s Estimate in phased scheduled draw-downs
- Quantity Surveyor’s report where the cost of the renovation/repair exceeds $450,000
- Completion Certificate from the Regional Corporation on completion of required works
Additional Documents
- Share Certificate
- Registered Management Company Bye-Laws
- Management Company’s Statement on Insurance Coverage and Maintenance Charges with evidence of up-to-date payments
- Annual Returns for Management Company
Two (2) copies of all documents must be provided
*Evidence of Income: Submit an Original Job Letter & Pay Slip. If self employed, submit Audited Financial Statements for the last three (3) years and Bank Statements for the last three (3) years, stating the average monthly balance.
**Evidence of Savings & Indebtedness: Submit Statements from all Financial Institutions with which you deal, including Credit Unions (monthly payments towards loans must be indicated on these statements).
What do I need to pay?
Estimated Application Costs
- Application: $150.00
- Title Search: $1,500.00 (initial)
- Acceptance Fee: 1% of Loan Amount or $500.00 minimum
- Credit Bureau Report: $75.00 per applicant
- Site Visit: $500.00 per visit
Closing Costs
- Legal Fees
- Statutory Fees (Stamp Duty & Registration Fees)
- 3 months’ Rates & Taxes
- 3 months’ Maintenance Fees
- 1 year’s Lease Rent
- 1 year’s Property Insurance Premium