Frequently Asked Questions

Are there other financial institutions that can be approached when purchasing, or building a home?

Banks are the main financial institution to go to when considering buying or building a home.

Based on the amount I borrow what size of home can I build?

The bank will give a guideline on the amount that can be spent per M2 which includes materials, equipment and labor.

Do I need to make a deposit when purchasing or building a home?

As a resident, depending on the cost of the home and length of time given to pay back the mortgage a deposit may be requested.

As a non resident a deposit is requested.

What additional costs can one expect when purchasing a home?

When purchasing a home, one can expect
Monthly Premiums for the different Insurances taken out.
Notary charges
Closing fees
Agent's Commission

What are the requirements for non-residents applying for a mortgage?

For non residents wanting to buying or build a home, most financial institutions require a deposit. The deposit amount varies depending on the bank or financial institution, and the borrowing amount cannot exceed the execution value of the house. As a on resident you will need Proof of income if retired, Two(2) bank reference letters,valid ID, whether it's an ID card, passport or driver's license,  and a letter of recommendation from your current employer if not retired.

What are the requirements for residents applying for a mortgage?

Any person(s) applying for the mortgage must be 21 years and older and employed about 2 years or more.
Last two to three months payslips, depending on bi-weekly or monthly income.
Valid ID - an ID card, passport or driver's license.
A letter of recommendation from your current employer
If constructing an Appraisal report not older than six(6) months
If buying a home, an appraisal report not older than one year.

What is a closing fee?

The closing fee is the fee charged to cover expenses connected with the mortgage.

What is the cost per sq. meter (and sq. foot) for building a home?

Currently the going rate is Awg 1750 per M2 or Awg 163 per sq ft.
It is best to shop round for contractors than can give the best construction price.

What Notary expenses are associated with buying or building a home?

Notary Fee, Registration cost, Stamps, Power of attorney,Inspection cost, transfer tax and agent's commission if applicable.

What types of interest rates are provided through the banks?

Each bank or lending institution has differed interest rates. Each situation will be accessed on an individual basis.

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