Set For Life

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Target Residential Home Owners
Features Home Improvements, to purchase home furnishings, educational expenses, savings, investments, medical expenses, automobile for personal use, wedding expenses, vacation expenses (airline ticket/accommodations), to consolidate credit card debt, to liquidate credit union debt
Benefits
  • Less security establishment fees
  • Extended payback period (repayment term)
  • Equity/down payment is not required
Loan Limits No ceiling is applicable. However, the total value of the facilities extended including the mortgage balance must not exceed 80% of the market value of the property as determined by an up to date valuation of no more than (3) three years.
Term Minimum 10 years
Interest Rate 7.5%
Equity Contribution No Contribution Required. *Conditions Apply.
Repayment Provisions Monthly amortised payments. In specific instances for self-employed customers, based on the nature of the business and the frequency/timing of cash flows, the payment can be structured as necessary such as quarterly/semi-annually etc.
Fees/Charges Up to $8,000k 0.5% of loan amount
  • Min. - $6,000.00
  • Max. - $20,000.00
Over $8,000k 0.5% of loan amount
  • Max. - $155,000.00
Insurance Adequate fire and Life Insurance is Compulsory.
Special Conditions Loans shall be secured by demand mortgages on residential properties i.e. land and building registered in the name(s) of the borrower(s) for which the equity loan is being granted. Mortgages will be established, utilizing the following:
  1. Transport
  2. Registered Declaration of Title
  3. Certificate or document of absolute title under the Lands Registry Act
  4. Lease for a term of not less than fifty years
How to Apply Apply online or call any of the nearest Republic Bank Branches to schedule an appointment to visit a Sales Officer.
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