Mortgage

• Copy of valid ID (ID-card, passport or driver’s license)
• Job reference letter stating earnings and duration of employment
• Last 2 salary slips
• An acceptable bank reference (if not a WIB client)
• Two Acceptable bank references (NonResidents)
• Appraisal report
• Purchase-sale agreement with seller /developer
• Quotation of life and or property insurance for the requested amount (for the purchase of land. only life insurance is applicable).

• Copy of valid ID (ID-card, passport or driver’s license)
• Job reference letter stating earnings and duration of employment
• Last 2 salary slips
• Tax return statement or equivalent for the past 2 years (Non-Residents)
• An acceptable bank reference (if not a WIB client)
• Two Acceptable bank references (NonResidents)
• Appraisal report
• Copy of ownership deed on the property in question
• Copy of architect’s plan on house design
• Copy of building permit
• Copy of construction estimate by a construction company
• Quotation of life and or property insurance for the requested amount
• Quotation of Construction All Risk insurance where applicable.

An appraisal report is a report, prepared by a certified appraiser, in which the market value, the auction value, the replacement cost and (if applicable) the cost to complete construction of the property in question are assessed.

Market value reflects the actual value or selling price of the property at date of inspection. Auction value is the estimated price the property would fetch if it were to be sold on auction. Certificate of Admeasurement shows the particulars and the identification number of the property as assigned by the Land Registry Office (Kadaster).

Appraisal reports may be requested from any of the following:

• Personal Statement of Affairs (PSoA)
• Own capital input, minimum 10% for Residents (20-25% for Non-Residents)
• Collateral value
• Notary and closing costs 

PSoA is a standard form used by the bank to gather financial and other pertinent information on the principal(s) to assess their current financial situation. This form is required by the bank when applying for a mortgage loan. 

• Bank’s closing fee. ranging from 1% of the approved loan amount
• Costs of transfer tax when purchasing land or house
• Costs of notary and mortgage fees when land or house is already owned
• Cost of life insurance, for all mortgage loans
• Costs of property insurance, for all mortgage loans except for the purchase of a piece of land
• Construction All Risk (C.A.R.) insurance, for the duration of the construction period and to be converted into a regular property insurance upon completion of construction.

Banks (lenders) usually require input from borrower to ensure their commitment to the investment. 

• First mortgage on the property
• Assignment of life insurance for the loan amount
• Assignment of adequate property all risk insurance, including hurricane coverage
• Monthly insurance coverage for annual payments of insurance premium(s).

Collateral is a security the bank will eventually rely on for repayment or recovery of the debt in event of default by borrowers. There are several types of collateral, for example:

1. Cash collateral, e.g. time deposits, savings, investments, etc.
2. Tangible collateral, e.g. mortgage on land, house or a commercial building.
3. Soft collateral, e.g. assignment of receivables, of life and or property insurance, personal guar- antee, etc. 

Yes, the Bank requires life insurance to secure repayment of the loan in event of death of the borrower. In such event the insurance company will repay the outstanding balance of the loan and pay the remainder to the beneficiary of the policy. The property insurance is to protect against risk of damage by fire, hurricane riots, flood, etc.

The repayment period depends on the applicant’s age. We consider 65 the maximum age to have the loan repaid, thus maximum repayment is 65 minus age of applicant.

The age, the gross salary and current liability(ies) of the applicant. 

In principal yes, based on a case-by-case basis.

This differs for each application, as the rate depends on the own input, collateral being offered, repayment capability, etc. Basically, the more you can offer the better rate you can negotiate. The interest rate is subject to changes by Management during review.