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 thirty (30) years. Customers are required to contribute a minimum of 10% towards the cost of the house or land. Loans can be accessed for both building and buying up to a maximum of $12M.

Interest rates are as follows

4.25% per annum up to $7M

6.25% per annum from $7M to $12M

 

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Documents required to make an application are:

  1. Identification card/Passport along with (1) passport size photo
  2. New Drivers Licence and/or TIN Certificate
  3. Proof of address (utility bill, rental receipt, etc.)
  4. Employment confirmation letter and (3) consecutive months’ pay slips
  5. Proof of income if self-employed (Business Registration, Recent Financial Statements for the past two years and cash flow projection for the next 12 months)
  6. Statement of outstanding loans/Hire Purchase (if applicable)
  7. Marriage Certificate (If applicable)
  8. Copy of Transport/Title/Lease Document or Letter of Intent/Agreement of Sale and Purchase if the property is being purchased
  9. 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)
  10. Copy of recent Rates and Taxes/Lease rental receipt and Water Rates receipt
  11. Estimates of construction cost accompanied by an approved plan
  12. Proof of 10% contribution (land purchase/development is considered part of equity contribution)

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

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:

8.25% per annum from $12M to $20M

9.25% per annum over $20M

Under this scheme, the repayment period is up to 30 years and repayment must not exceed 30% of your gross monthly income. The borrower is required to contribute 10% 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. New Drivers Licence and/or TIN Certificate
  3. Proof of address (utility bill, rental receipt, etc.)
  4. Employment confirmation letter and (3) consecutive months’ pay slips
  5. Proof of income if self-employed (Business Registration, Recent Financial Statements for the past two years and cash flow projection for the next 12 months)
  6. Statement of outstanding loans/Hire Purchase (if applicable)
  7. Marriage Certificate (If applicable)
  8. Copy of Transport/Title/Lease Document or Letter of Intent/Agreement of Sale and Purchase if the property is being purchased
  9. 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)
  10. Copy of recent Rates and Taxes/Lease rental receipt and Water Rates receipt
  11. Estimates of construction cost accompanied by an approved plan
  12. Proof of 10% contribution (land purchase/development is considered part of equity contribution)

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

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