Housing Loans

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Low-income Housing

Low-income earners now have the opportunity to own their own homes with GBTI’s Low Income Housing Loan. Mortgage repayment extends up to twenty-five (25) years. Customers are required to contribute a minimum of 10% towards the cost of the house and land. Loans can be accessed for both building and buying up to a maximum of $8M.

Interest rates are as follows:

9 % per annum for $8M and up to $10M

9.5% per annum for $10M and up to 20M

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Documents required to make an application are:

  1. Identification card/Passport along with (1) passport size photo.
  2. Proof of address (utility bill, rental receipt, etc.)
  3. Employment confirmation letter and (3) consecutive months’ pay slips
  4. Proof of income if self-employed (Recent Financial Statements for the past two years)
  5. Copy of Transport/Title/Lease Document or Letter of Intent/Agreement of Sale and Purchase if the property is being purchased
  6. Certificate of Valuation for the property being purchased from a Government Valuation Officer (Officers are located at the Government Valuation Office, Camp Street, G/Town) along with two photographs
  7. Estimates of construction cost accompanied by an approved plan
  8. Proof of 10% contribution
  9. TIN Certificate
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Residential Mortgage Loans

The GBTI Residential Mortgage Plan has been structured to meet the needs of the middle-income earner who wishes to build a three or four bedroom house.

Interest rates are as follows:

10% per annum for $2M and up to $10M

11% per annum for over $10M

 Under this scheme, the repayment period ranges from 5-20 years and repayment must not exceed 30% of your gross monthly income. The borrower is required to contribute 20% of the cost of the project.

The requirements for obtaining a Residential Mortgage Loan are:

  1. Identification card/Passport along with (1) passport size photo.
  2. Proof of address (utility bill, rental receipt, etc.)
  3. Employment confirmation letter and (3) consecutive months’ pay slips
  4. Proof of income if self-employed (Recent Financial Statements for the past two years)
  5. Copy of Transport/Title/Lease Document or Letter of Intent/Agreement of Sale and Purchase if the property is being purchased
  6. Certificate of Valuation for the property being purchased from a Government Valuation Officer (Officers are located at the Government Valuation Office, Camp Street, G/Town) along with two photographs
  7. Estimates of construction cost accompanied by an approved plan.
  8. TIN Certificate

A Mortgage over the property will be required as Collateral Security in addition to adequate Fire and Life Insurance coverage.

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