Diaspora/Non-resident Mortgage

Overview
Is a loan facility to assist Diaspora customer seeking to purchase an existing residential house and/or a plot.

Features

  • Home purchase financing upto 85%
  • Plot purchase financing upto 80%
  • Flexible repayment term of upto 25 years for home purchase and upto 10 years for plot purchase
  • Competitive Interest rates

Benefits

  • Low contribution hence less financial stress in the onset.
  • Competitive interest rates.
  • Comprehensive Home owner’s Life, fire & house insurance cover.
  • Comprehensive bank ground check on property to ensure that property being financed is legitimate
  • National bank accelerated payments which enables customer to pay off loan sooner than stipulated in construction loan agreement.
  • Access to dedicated mortgage specialists.

 

Rates / Pricing

  1. Appraisal fee – 1% of loan amount.
  2. Stamp duty on transfer – 4%
  3. Legal fees – based on Advocates remuneration order
  4. Valuation fees – Approx. 0.4% of property value
  5. Insurance (Life & Fire) – 0.5% of Mortgage cover
  6. Debit income ratio – 65% of net disposable income
  7. Interest rate – 15.45% on reducing balance

 

Eligibility criteria
Individual salaried

  1. Copy of ID/Passport (notarized)
  2. Pin Certificate
  3. Work permit (notarized)
  4. Three passport size photographs (notarized)
  5. 3 months’ pay-slip (notarized)
  6. Letter from Employer confirming employment status clearly stating terms of employment, retirement age & remuneration (notarized)
  7. 6 months Bank statements (non National Bank customers) (notarized)
  8. Open National Bank account
  9. Copy of Title
  10. Sale Agreement duly signed
  11. Land rates & rents receipts

 

Rates / Pricing

  1. Appraisal fee – 1% of loan amount.
  2. Stamp duty on transfer – 4%
  3. Legal fees – based on Advocates remuneration order
  4. Valuation fees – Approx. 0.4% of property value
  5. Insurance (Life & Fire) – 0.5% of Mortgage cover
  6. Debit income ratio – 75% of net disposable income
  7. Interest rate – 15.45% on reducing balance