A mortgage loan also referred to as a mortgage is used by individuals and businesses to make large real estate purchases without paying the entire value up front. Over a period of years the borrower repays the loan plus interest, until he/she eventually owns the property.
Build your investments with Real Estate. Get up to a maximum of $500,000.00
Key Financials
- Members must have at least 6 months membership
- Minimum Share capital of $5000
- Where value of loan exceeds the value of the land (i.e sale at a premium) the member must provide additional collateral in the form of life insurance to the value of the excess.
- Members are require to pay the fees for ( Title Search, Valuation Report)
- Member must increase share contribution by $200
- Repayment period: maximum period of 180 months ( 15 years)
- Interest Rate: 6.5% per annum
Requirements
- Salary Slip (Recent)
- Job Letter (Employment Status)
- Form of ID (Valid)
- Copy of Agreement for sale
- Valuation Report
- Copy of Deed/Lease/Cadastral Sheet
- WASA Clearance Certificate
- Copy of Rates & Tax (Land & Building Tax Receipts – MOST RECENT)
- Written Permission (if jointly owned)
- Survey Plan
- Location Sketch (Drawn by member)