Loans extended to individuals who are members of BSC for building or buying a house. This is a long term facility payable up to the retirement age of an individual (maximum period 84 months) 100% of the cost is provided and no deposit is required.
Applicant must be a regular income earner and salary deposited directly into the customer’s account.
Applicant must have worked for the same employer for at least 12 months and have conducted an account for at least 6 months.
Proposed building must be erected in a declared residential area.
It must conform to building regulations... e.g building plans etc
Three quotations from Registered Constructors
Provisional plans /working drawings
Signed building contract
Schedule of finishing dates
All risk insurance cover by the Builder. This covers builder against any loss or damage that may be incurred during contract period.
Payment per stage/certificate from the Architect/ Supervisor
Retention on every certificate which will be paid out/released after six (6) months
Prior to final payment Letter of Inspection/certificate signed by owner on inspection of new home after building has been completed.
A House owner’s insurance policy to be obtained /Cession of existing life insurance policies to be taken.
Applicant to insure property after completion and BSC interest noted in the Policy
Amount borrowed will depend on the Client’s requirement which will be governed by the salary level and loan period.
Interest rates shall be pegged to the ruling Prime rate and vary from time to time.
Repayment by monthly instalments and tailored according to each client’s circumstances.