Residential Mortgage Loans The GBTI Residential Mortgage Loan Plan has been structured to meet the needs of the middle-income earner who wishes to build a three or four bedroom house. The interest rates charged for the Residential Mortgage Loans are:
10% per annum for facilities over $2M and up to $10MM
11% per annum for facilities over $10M
Under this scheme the repayment period will range from 5-20 years and your repayment must not exceed 30% of your gross monthly income. It is a requirement that the borrower contributes 20% of the cost of the project.
The requirements for obtaining a Residential Mortgage Loan are:
1) Title Documents or Agreement of Sale and Purchase
2) Employment/Salary confirmation
3) Proof of Business Income if self employed
A Mortgage over the property will be required as Collateral Security in addition to adequate Fire and Life Insurance coverage.
The GBTI Residential Mortgage Loan Plan has been structured to meet the needs of the middle-income earner who wishes to build a three or four bedroom house. The interest rates charged for the Residential Mortgage Loans are: