Q: What is a Mortgage Loan? A:
Ans: It is a type of loan used to purchase property. The security for giving the loan is the property which is held by the lender for the repayment of the loan. Therefore, the lender (mortgagee) has the right to take the property if the borrower (mortgagor) fails to repay the loan.
Q: What are the Requirements for obtaining a Mortgage Loan in Centage? A:
Ans: For one to be eligible to access a mortgage loan in Centage, the applicant will submit the following: 1.) A hand written or typed application for mortgage loan. 2.) A registered title, which may be:- a) Certificate of Occupancy. b) Deed of Conveyance. c) Deed of Assignment. d) Deed of Sub-lease. e) Statutory Right of Occupancy. f) Customary Right of Occupancy. 3.) Personal account statement for the past six months. 4.) Payments slip for a period of six months 5.) Company account statement for the six months (for corporate organizations). 6.) Three years tax clearance certificate. 7.) 30% equity contribution of the property price. 8.) Completed mortgage loan application form. 9.) Completed current account opening form.
Q: What are the Requirements? A:
Ans: For one to be eligible to access a commercial mortgage loan in Centage, the applicant will submit the following:
1.) A hand written or typed application for mortgage loan. 2.) A registered title, which may be a) Certificate of Occupancy. b) Deed of Conveyance. c) Deed of Assignment. d) Deed of Sub-lease. e) Statutory Right of Occupancy. f) Customary Right of Occupancy. 3.) Personal account statement for the past six months. 4.) Payments slip for a period of six months. 5.) Company account statement for the past six months (for corporate organizations). 6.) Approved building plan. 7.) Bill of Quantities. 8.) 30% equity contribution of the estimated construction cost. 9.) Three years tax clearance certificate. 10.) Company profile (for corporate organizations). 11.) Completed mortgage loan application form. 12.) Completed current account opening form.
Q: Do I need to present collateral when applying for a mortgage loan? A:
Ans: Not necessarily. The property for which a mortgage loan is being sought is considered as collateral since Centage would be the custodian of the title document after its purchase. However, presentation of collateral when applying for a mortgage loan is also an added advantage.
Q: What products do you have in CENTAGE? A:
Centage Mortgage Products -- Centage Home Purchase Mortgage -- Centage Equity Mortgage -- Centage Interest Only Mortgage -- Centage Home Completion Mortgage -- Centage Home Improvement Mortgage Centage Land Acquisition loan Centage Home Ownership Account Centage Rent Account Centage Child welfare Account Current Account Savings Account Fixed Deposits
Services
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