“Are you scared about the High Interest Rates on Loans? Then worry no more. Turn to us and enjoy the best rates in the industry.”
The New Building Society Ltd. with the Lion’s share of the Mortgage market locally and offers Loans at the regular Mortgage rate of 5.70% p.a. for Loans over 9 Million Dollars up to a maximum of 20 Million Dollars.
Our other rates on Mortgages are set at as low as 3.50% p.a.; being the lowest in the industry.
Loan Procedure:
Complete a Mortgage Application form at the Society. The kind and efficient staff of the Society will assist you to ensure that this process is fast and simple. The completed form along with the required documents (See Mortgage Requirements Below) is then used for processing of the mortgage. The Society will then inspect the property and notify you once the loan has been approved.
Mortgage Requirements:
- Photograph of building showing front and side view with the Lot # affixed.
- Copy of Transport, Title, Lease or Agreement of Sale.
- Approved Plan.
- Letter from Employer stating: position, years of service and income.
- Identification (I.D. or Passport), Tax Payers Identification Number and Proof of Address.
- Processing Fees; Application fee, Credit Report Fee & Legal Fee.
Credit Report
The Crediting Reporting (Amendment) Act 2016 Requires a credit provider or lender to pull a credit report from the credit bureau with consumer’s prior written consent before granting or renewal of credit facilities to a consumer.
Cost:
There are legal costs involved in obtaining Transport or Title to the property. An estimate of these costs can be obtained from the Society’s Solicitors. There are also legal fees , Inspection Fees and Credit Report fees in connection with the mortgage in favour of the Society.
How Repaid:
The loan is repayable by equal monthly installments which include a proportion of the principal and also the interest charge, calculated according to the amount loaned and term of years chosen.
Monthly Repayment:
The maximum repayment term of 30 years is for houses constructed of concrete or brick, 15 years being the maximum term for greenheart construction.
The Monthly Repayment amount on a Home Loan can be estimated using our Loan Repayment Calculator.
How Interest is Charged:
Interest is calculated daily on the Reducing balance of the Loan. There is a clause in the mortgage deed giving the Society power to increase or decrease the interest rate, should it become necessary to do so during the term of the mortgage.
Maximum Loan:
The maximum loan you can obtain from the Society is $20,000,000. Priority is given to applicants who are building or acquiring houses for owner occupation.