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Mortgage Requirements
Terms of Loan
- Homes up to 30 years
- Land up to 10 years
Finance Provided
- Up to 85% financing
- Difference to be provided by applicant (must be evidenced)
Competitive Interest Rates on Mortgage
- Residential
- Commercial
- Land
![](https://www.tblamortgages.com/wp-content/uploads/2019/03/bullet_tbla.gif)
Borrowers Paid Up Shares
Required to purchase $500 share and be a member for the term of the mortgage.
![](https://www.tblamortgages.com/wp-content/uploads/2019/03/bullet_tbla.gif)
Life Insurance
Life and/or Term Insurance on the life of the borrower for no less than the amount borrowed must be assigned.
![](https://www.tblamortgages.com/wp-content/uploads/2019/03/bullet_tbla.gif)
Monthly Installment
Payable by the last day of every month.
![](https://www.tblamortgages.com/wp-content/uploads/2019/03/bullet_tbla.gif)
Qualifying Income
Life and/or Term Insurance on the life of the borrower for no less than the amount borrowed must be assigned.
![](https://www.tblamortgages.com/wp-content/uploads/2019/03/bullet_tbla.gif)
Charges & Fees
TBLA charges 0.5% – 1% of the amount to be borrowed. Legal Fees to be borne by mortgagor
![](https://www.tblamortgages.com/wp-content/uploads/2019/03/bullet_tbla.gif)
Valuation
The property must be valued by one of the Valuers on the Association’s panel.
![](https://www.tblamortgages.com/wp-content/uploads/2019/03/bullet_tbla.gif)
Security to be Obtained
Leasehold property ONLY – The unexpired portion of the lease must be 20 years or more.
The building must be insured under a House Owner’s Comprehensive Insurance against all risks up to the full insurable value and the mortgagee’s interest noted thereon.
The insurance can be effected through the Associations’ Insurance Broker.
![](https://www.tblamortgages.com/wp-content/uploads/2019/03/bullet_tbla.gif)
Bridging Finance
For construction ONLY: Requests for drawdowns must be in writing with a breakdown of all that is required for the funds. A Quantity Surveyor report must be provided from one of the Quantity Surveyors on the Association’s panel. Advances will be charged at TBLA’s current bridging rate.
![](https://www.tblamortgages.com/wp-content/uploads/2019/03/bullet_tbla.gif)
DOCUMENTS REQUIRED FOR NEW MORTGAGE
If there is more than one applicant all the personal information required above must be provided for each person.
GENERAL REQUIREMENTS
- Registered copy of freehold/leasehold Deed or Instrument
- Evidence of rates and taxes paid to date
- Job Letter – salary, allowances, length of service
- Recent pay slip
- Copy of two forms of identification ( ID / DP / PP )
- Personal Financial Statement
- WASA Clearance Certificate
- Purchase of Mortgagors Shares
- Payment of all Fees and Charges
- Coverage of House owners Insurance
- Assignment of Life/Term Insurance for an amount not less than the mortgage
IF SELF EMPLOYED
- Certified Financial Statements
- Projected Cash Flow for 2 - 3 years
- Memorandum of Incorporation and By-Laws (Company)
- Last Annual Return filed at the Registrar of Companies
- Bank Statements
FOR PURCHASE OF PROPERTY
- Signed Agreement to purchase and evidence of deposit slip/receipt
- Signed Sales Agreement
- Current Valuation
FOR CONSTRUCTION / RENOVATIONS
- Estimated Valuation before construction
- Approved Building Plans
- Land development approval from relevant authorities
- Signed Quantity Surveyor's report (from the Association's panel)
- Signed Builders Estimate
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