Easy Home Loans

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Target
  • Persons seeking residential mortgage 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
  • Low Monthly Payments
Loan Limits No Ceiling
Term To purchase or construct a property for residential use – Up to 40 years or age 70*, whichever is less.
Interest Rate
  • 6% per annum - Maximum loan to cost or loan to value of 75%.
  • 6.5% per annum - Loan to cost or loan to value above 75 up to 85%.
  • 7% per annum - Loan to cost or loan to value above 85%.
The rate applicable is the higher of the loan to cost or the loan to value.
  • Loan - amount being borrowed.
  • Cost – cost of constructing the property.
  • Value – market value of the property.
Equity Contribution
  • To purchase or construct a residential property – 5% contribution.
  • For construction purposes, the market value of the land can be taken into consideration.
  • For renovations/extensions – none required.
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 Application Fee:
  • Up to $5M: $4,500
  • Above $5M: $6,000
Negotiation Fee:
Up to $8M: 0.5% of loan amount
  • Min.: $7,000
  • Max.: $40,000.00
Over $8M: 0.5% of loan amount
  • Max.: $155,000
Insurance Adequate Fire and Life Insurance 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:
  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

What you will need

Before visiting our branches, ensure you have the following documents:

  • One (1) form of Identification - valid Passport or Identification Card
  • A Job Letter and two recent Pay slips
  • Income and Expenditure Statement if self-employed
  • TIN Certificate
  • Proof of Address (issued within the last 8 months)
  • Statement or passbook of your savings account if held at another institution
  • Statement of any outstanding loans and or your Hire-purchase card/receipts or Credit Union statement

If you are purchasing a property, the following are also required:

  • The Agreement of Sale or a Letter of Intent from the vendor
  • A copy of the Title Document which will be either a Transport, Lease or Certificate of Title
  • An updated valuation report for the property
  • Copies of up-to-date rates and taxes and GWI receipts, lease receipts, where applicable

If you are constructing a property, you’ll also need:

  • An approved building plan from the M&CC or other relevant authority
  • A detailed, signed estimate with a summary ( you can obtain a summary sheet at your nearest Branch)
  • A projected valuation report for the property to be constructed

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