Are you scared about the High Interest Rates on Loans? Then worry no more. Turn to NBS and enjoy the best rates in the industry . NBS with the Lion's share of the Mortgage market locally offers two types of Loans viz.; the regular Mortgage @ 6.95% p.a. and the Low Income Mortgage at an incredible rate of 4.95% p.a., both being the lowest in the industry.
Complete a Mortgage Application form at the
Society. The staff of the Society will help you
do this without charge. Submit the completed form for processing
of the mortgage.
The Society will then inspect the property and notify you if the
loan is approved or not. (Advances on leasehold properties can
be made only if the unexpired term of the lease is at least 50
years old).
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 in connection with the
mortgage in favour of the Society. These can be
estimated from the table below:-
$1,000,000
$11,740
$2,000,000
$22,940
$3,000,000
$34,140
$4,000,000
$45,340
$5,000,000
$56,540
$6,000,000
$67,740
$7,000,000
$78,940
$8,000,000
$90,140
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.
The maximum repayment term of 30
years is for houses constructed of concrete or
brick, 15 years being the maximum term for greenheart
construction.
Interest is calculated at 5.5% and 7.95%
per annum on the balance of the
advance as at December 31 of the previous year.
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.
The maximum loan you can obtain from the Society
is $8,000,000. Priority is given to applicants
who are building or acquiring houses for owner
occupation.
Summary of mortgage requirements:
Photograph
of building showing front and side view with
the lot # affixed Copy
of Transport, Title or Lease Dimensions
of Land and Building (L x W) Copy
of Agreement of Sale if purchasing. Rates & Taxes
receipts (General Rates & Water Rates). Detailed
Estimates if building or repairing. Approved
Plan Letter
from employer stating: position, years of service
and income Income
Tax Returns Statement
of Income & Expenditure and Balance Sheet
if
self-employed. Bank
Statement. Identification
(I.D. or Passport). Passport
size photograph. Directions to Property (Security)
Photograph
of building showing front and side view with
the lot # affixed
