Target |
- Persons seeking residential mortgage of values above G$8M for the purpose of purchasing or building a house.
- Persons seeking to renovate /extend owner occupied properties
|
Features |
To purchase, construct, renovate or extend residential property. |
Benefits |
- Tiered interest rates which encourage borrowing at the lowest rate of interest
- Extended payback period
|
Loan Limits |
No Ceiling |
Term |
For purchase/ construction of property maximum 30 years or term to
retirement, whichever is less.
|
Interest Rate |
- 7.45% per annum for amounts up to $10,000,000
- 8.75% per annum for amounts over $10,000,000 up to $12,000,000
- 10.5% per annum for amounts over $12,000,000
|
Equity Contribution |
- For purchase/construction a minimum of 10% of the purchase price/cost
of construction. For construction purposes, the market value of the
land can be taken into consideration.
- For renovations/extensions – none required.
|
Repayment Provisions |
Monthly amortised payments. While monthly instalments are preferred,
in specific instances based on the nature of the business and the
frequency/timing of the 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
|
Insurance |
Life Coverage for the full value of the loan on the life of the borrower(s)
is compulsory
|
Special Conditions |
Loans shall be secured by a mortgage on the same house and land for
which the loan was granted.
Mortgages will be established, utilizing the following:
- Transport
- Registered Declaration of Title
- Certificate or document of absolute title under the Lands
Registry Act
- Lease for a term of not less than forty years
|
How to Apply |
Visit or call any of the nearest Republic Bank Branches to see a Loan Officer. |