Low Cost Mortgages

Target First Time home owners seeking residential mortgage financing to the value of G$20M.
  • To provide assistance to eligible borrowers who wish to purchase land and/or construct a residential property. Please note that the land is not restricted to those allocated by the Government.
  • Takeovers from other banks, purchase of properties and refinancing of existing Easy Home Loans are not permitted.
  • In the case of cost overruns, completion of construction can be facilitated at the rate applicable for the total value of the existing and proposed facilities. The borrower must be advised prior to the processing of the new request
  • Competitive Interest Rates
  • Extended Payback Period (repayment term)
Loan Limits The percentage of the loan in relation to the value of the security shall not be less than 75% of the estimated value of the property when completed including the value of the land.
Term Amortisation over a minimum period of 20 years. Applicants must be under the age of 65years by the time the mortgage is repaid.
Monthly Income No ceiling. Salaries are to be assigned to the Bank where applicable.
Interest Rate
  • 3.50% per annum for amounts up to $9,000,000
  • 5.50% per annum for amounts over $9,000,000 up to $20,000,000
No splitting of facilities is permitted.
Equity Contribution Customer must provide a minimum of 5% equity towards the venture. Value of the land may be considered.
Repayment Provisions
  • Monthly amortized installments over the term of the loan, commencing one (1) month after initial drawdown.
  • When applicable, to facilitate the construction period, customers have the option to commence amortized installments up to one (1) year after initial drawdown but not exceeding the construction period. During this period interest only is to be paid monthly and the amortized repayment term will commence upon expiry of the moratorium period.
Fees/ Charges
  • Application Fee: $4500
  • Negotiation Fee: $5000
  • Life insurance coverage for the full value of the loan on the life of the borrower(s) is required.
  • The building should be insured for the full replacement value with the Bank’s interest noted.
Special Conditions
  • The Bank will accept the Letter of Assurance issued by the Minister as evidence of prospective ownership of land by the applicant.
  • Loans shall be primarily secured by a mortgage on same house and land for which the loan was granted. Mortgages will be established, utilizing the following:
    a) Transport
    b) Registered Declaration of Title
    c) Certificate or document of absolute title under the Lands Registry Act
    d) Lease for a term of not less than forty 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

Go to top