105% Mortgage Financing FAQs
105% Own Your Own Home Mortgage Solution
FAQs
What is the 105% own your own home (OYOH) mortgage financing solution about?
This is a homeownership solution tailored for 1st-time homeowners and those seeking to invest in another primary residence. With this homeownership financing solution, you can buy or build a new home.
What do you need to qualify for this product?
- Proof of source of payment for the requested loan (Salary or business proceeds).
- Property valuation report (to be bought or built).
- Identification
- Provisional sales agreement from the seller
- Financial statements for the last 3 years (For business owners)
- Company profile for business owners
- Employment contract (Salary earners)
- Payslip for the last 3 months (salary earners)
- Bank statements for the last 12 months
- Construction permit
- Bills of quantities
What do I get with 105% mortgage financing solution?
With the 105% Mortgage financing, you can construct or purchase a home depending on your preference. With this facility we will finance:
- The property, 100%
- – 3% P.A is an insurance premium that ensures that the bank is able to cover the customer's needs with no down payment required.
- 1% once-off facility fee of the property value.
- A 1% Insurance premium cover protecting against hazards like fire and also you will get loan protection insurance.
What is the interest rate charged with this facility?
The Interest rate is 16% Per Annum negotiable.
What is the repayment period?
Up to 20 years.
Is the product only for first time homeowners or any homeowner?
No, the product is for first-time homeowners. However, we can also finance the primary residence.
How long does the mortgage loan process take?
The approval will take a maximum of 4 days after receiving all required documents.
Is there a maximum gross income for borrowers?
Personnel earning a gross income of FRW 3,500,000.
What is the security cover for the loan?
The Property purchased or constructed is the security.
What is the maximum loan amount for primary residence owners?
Maximum loan amount for mortgage 105% is RWF 140,000,000.
What is the maximum loan amount for second residence (second house which you’ll live in) owners?
Maximum loan amount for second (primary)residence is RWF 108,000,000.
For how long is the insurance of 3% P.A paid?
3 years, after 3 years there will be a re-evaluation of the loan and the property which will form a basis for whether payment of the 3% p.a can be discontinued
Is the loan for only salaried clients?
This facility is open to both salaried and individuals with businesses looking to make their dream home a reality.
What are the benefits of the 105% own your own home mortgage solution?
- There is no deposit required.
- No down payment is required.
- You get a pre-approved Visa Credit Card to assist with all the other household purchases.
- Insurance Covers and we also cater for the bank charges with this solution