Set For Life

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. The total value of the facilities extended including the mortgage balance must not exceed 90% of the market value of property as determined by an up to date valuation of no more than two years.
Term Minimum 10 years
Interest Rate
  • 7.5% per annum for amounts up to $8,000,000
  • 9.5% per annum for amounts over $8,000,000: up to $10,000,000
  • 10.00% per annum for amounts over $10,000,000 up to $12,000,000
  • 11% per annum for amounts over $12,000,000
Equity Contribution Conditional, depending on the purpose of the loan
Repayment Provisions Monthly amortized payments.
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 Life insurance coverage for the full value of the loan on the life of the borrower 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 forty years
How to Apply Visit or call any of the nearest Republic Bank Branches to see a Loan Officer.
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