Up to 85% financing, difference to be provided by applicant (must be evidenced)
Competitive Interest Rates on Mortgage
Borrowers Paid Up Shares
Required to purchase 2 $10.00 shares for every $1000.00 borrowed.
Life and/or Term Insurance on the life of the borrower for no less than the amount borrowed must be assigned.
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.
Payable by the last day of every month.
Monthly instalment must not exceed 1/3 of the applicants' gross monthly income.
Charges; 0.5% - 1% of the amount to be borrowed
Fees - Legal Fees to be borne by mortgagor
The property must be valued by one of the Valuers on the Association’s panel.
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.
DOCUMENTS REQUIRED FOR NEW 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
FOR PURCHASE OF PROPERTY
Signed Agreement to purchase and evidence of deposit slip/receipt
Signed Sales Agreement
(In Addition) 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
P.S. If there is more than one applicant all the personal information required above must be provided for each person.
89 Queen Street,
Port of Spain,
Trinidad and Tobago,
Monday - Friday: 8am - 4pm
At TBLA, we care about the total customer experience you receive. We provide personalized attention and quick processing times when conducting business. Visit the TBLA for the service you deserve.