Mortgage is a security interest in real property. It’s a supreme facility whether you’re acquiring, completing or refurbishing your ideal structure.
- - Attractive interest rates
- - Fast processing period
- - Payment period: up to a maximum of 15 years
- - Exposure to other loan facilities
- - Application letter.
- - Employment contract/service certificate.
- - Salary certificate from employer.
- - Financial statement if self employed.
- - Loan certificate (if it is to buy loan from another bank).
- - Evaluation report for the property.
- - Provision of sale contract.
- - House valid document.
1. Who is illegible?
This facility is offered to anyone who has an account with BK and if a customer of other Banks must have good credit history.
2. How is interest charged?
We charge interest on a yearly basis but its split out and paid every month for the period given.
3. If the loan facility given runs out, can it be renewed?
Yes it can be renewed as long as we are content with your payments. We also offer mortgage top ups which is money added to your current mortgage.
4. If am unable to clear my loan within the stated time, are you able to give me an extension?
Yes, we can as long as you notify us in advance. If we offer you an extension it can’t be beyond the maximum period provided and we also have to consider your payment.
5. Does the amount given for the loan vary?
We always base the loan facility on ones repayment capacity.
6. If I pay an extra month on my installment, will it reduce the interest I pay over the loan term?
By paying extra on your installement, you will shorten the loan term and therefore pay less interest. Because you pay interest every month, the fewer the months it takes to pay off the loan, the less interest you will pay.
7. If I cannot afford to pay my loan any longer, can I get out of the loan contract?
You are bound by the terms and conditions of the loan agreement. The only time you can cancel the loan agreement, or not be held by its terms and conditions is once the loan is paid up in full and cancelled. If you sell the house, the price at which you sell it must be enough to pay the outstanding balance on the loan. Once that is repaid, the contract is cancelled.