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 $10M
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:
- Title Documents or Agreement of Sale and Purchase
- Employment/Salary confirmation
- 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.