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Documentation Required

What documents should you bring when applying for a mortgage loan?

1. A job letter stating salary, allowances, status of employment and length of service as well as a recent payslip. For self employed persons you can provide financial statements (prepared by an accountant) for the last 3 years supported by bank statements.

2. Purchase Agreement or Offer for Sale between purchaser and the vendor.

3. A copy of the title document i.e. Deed of Conveyance/Lease /Certificate of Title

4. Valuation report from a valuer on Bank’s panel (consult Banker before requesting report).

5. Statements from other financial institutions reflecting savings and investments held and loan balances/instalments.

6. Two forms of identification and proof of address.

When the mortgage loan has been approved you will then need to provide your Banker with:

7. Copies of up to date receipts for Land and Building taxes, lease rent and WASA rates.

8. A WASA Clearance certificate

9. A Completion Certificate from Town and Country Planning Division for recently completed dwelling.


You must recognize that it is customary for most purchase agreements to provide for up to 3 months from the date of receipt of the deposit for completion of the purchase. If mortgage loan financing is being sought the average mortgage loan transaction would take up to 6 weeks to be concluded. So we strongly recommend that you start the process early to avoid delays. Should you be unable to conclude the purchase within the stipulated period you run the risk of your deposit being forfeited should the vendor not be agreeable to an extension being granted on the closing date for the purchase.
 

 

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