Yes we give commercial loans. A residential title will be accepted as security for these loans. However, Commercial titles will be accepted, but a higher interest will apply.
An interview is conducted by the Manager to determine eligibility for the loan. The commercial loan application is documented and sent to the Credit Committee for assessment and response.
Upon receiving a positive response:
The applicant would be required to provide documents relating to the residential property for further processing of the loan. These documents are:
- Copy of registered Certificate of Title
- Notarised copy of your valid identification (Copy of Passport or Driver’s License)
- Proof of income (letter of employment from your employee and original and most recent pay slips for two (2) months’ salary)
- TRN (for local)
- Valuation Report (to be done by a Valuer on JN’s panel) click here
- Surveyor’s Report (to be done by a Commissioned Land Surveyor).
- Property Tax Certificate
The loan limit offered for this type of loan is sixty percent (60%) of the value of the security at a interest rate of 13%. The maximum repayment term of the loan is ten years.
Posted in: Mortgage FAQs