Mortgage Finance - Peoples Own Savings Bank

Loans

Available for the purposes of buying and building on a stand, building on an existing stand or completing an existing structure or for home improvements.

Application Requirements

Applicant to open an account with POSB.
Proof of acceptable income (Proof of Savings or Pay slip),
Copy of Title Deed of the property.
Agreement of Sale signed by all parties,
Proof of Deposit required (25% of Selling Price).
Proof of Survey where Title Deeds are not yet available,
Original Identity Document such as National ID, Passport or Driver’s License and a clear photocopy of the same.
Copy of Approved Building Plans, Quotation for materials from reputable suppliers and labour (for building loans).
Quotations for the proposed improvements (for home improvement loans).

Benefits

Low interest rate.
Long repayment periods
Short turnaround time for processing loan applications

2 EQUITY REFINANCE

When there is a need for money for a legal undertaking, a property owner can borrow against their property and pledge the encumbered property as security for the loan. With the Equity Refinance Mortgage Loan, you can borrow a sum of a portion of the value of your property, subject to qualification by income.

Equity Refinance Loan Application Requirements

Applicant(s) must be a POSB Account Holder (for at least 3 months).
Original Identity Document such as National ID, Passport or Driver’s License and a clear photocopy of the same.
Letter from employer confirming salary, retirement age and contract of employment which should be long enough to cover loan tenure.
Copy of the Title Deeds of the property to be financed.
Customer’s written Statement of Purpose.
Proof of Acceptable Income to service the Loan e.g. Pay slip (in the case of a formally employed individual).
Bank Statements for the past 3 months to which salary is received.