Home Owners Mortgages

 

Good Payers’ Discounts

At Housing Finance, we offer a one-off 0.5% p.a. interest rate discount off the contractual rate charged for the 3Plan Mortgage Concept that a borrower has taken. To qualify for the discount the borrower must have repaid the loan on schedule for a period of six consecutive months. If the borrower subsequently fails to meet the scheduled payments, the discount is withdrawn.

Loan Types

The following loan types are available for you;

• Owner Occupied Residential -For a loan to purchase a property that the borrower intends to occupy as the primary home, we shall lend up to 90% of the value of that property.
  
  
• Investment Residential - - this is a loan taken for a property considered an investment and not intended to be occupied as the primary home of the borrower.
  
  
• Equity release and Top-up Loans - As you repay your mortgage, you acquire equity in that property which can be availed to you for further property development or other uses. We can lend you money on the value of your own equity.
  
  
• Occupied Residential Loan. Only developed Residential properties will be considered for this loan type.
  
  
• Construction Loan - This is a facility to finance the construction of a residential property. The terms are that the project will have to be managed by an agreed group of professionals and disbursement will be on an arrears basis to the person contracted to build the structure.
  
  
• Residential Plot purchases - This is a product that is intended to extend money to people who want to buy a property to develop a residential house upon the plot. These loans must be fully repaid within 5 years

Scheme Loans - There are several companies with whom we have corporate schemes at negotiated rates. Talk to any of our relationship officers and find out if your company has a scheme with us.

Financing Options

Financing Options

Loan Type	Financing Upto
Owner Occupied Residential	95%
Investment Residential	80%
Equity Release
Investment Residential	80%
Construction Residential	80%
Residential Plots	70%

Amounts In Arrears

Where a borrower is in breach of the contractual obligation to repay the loan in schedule instalments, additional interest will be charged on the amounts so unpaid. All loans for which instalments have not been received will pay a standard Base plus 4.25% p.a. on the amounts due but not yet received (i.e. on the arrears balance only).

 

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