Documents Required
When applying for financing for your home, the documentation plays a critical role. As such, it is important to be aware of all the documents needed and when they will be needed.
When applying for financing for your home, the documentation plays a critical role. As such, it is important to be aware of all the documents needed and when they will be needed. This will shorten the turnaround time for your mortgage application and prevent any unnecessary delays and unwanted expenses that may occur.
Listed below is the checklist of the documents needed to process a mortgage by stages:
STAGE 1: PRE- APPROVAL
- No official documents are needed as this is just an estimation of what you will qualify for given an overview of your current financial situation: savings, monthly income and outstanding loans
STAGE 2: MORTGAGE APPLICATION -Buying a Home
- A job letter (not older than 3 months) stating salary, allowances, status of employment and length of service as well as a recent pay slip (not older than 1 month)
- For self employed persons you can provide financial statements (prepared by an accountant) for the last 3 years supported by bank statements
- Purchase Agreement or Offer for Sale between purchaser and the vendor
- A copy of the title document i.e. Deed of Conveyance/Lease /Certificate of Title
- Valuation report from a valuator on Bank’s panel (consult Banker before requesting report)
- Statements from other financial institutions reflecting savings and investments held and loan balances/installments
- One (1) form of valid identification and proof of address not older than 3 months in your name e.g. utility bill, bank statement
- If the proof of address is not in your name, you are required to produce a letter of authorization and ID for the person whose name is stated on the utility bill being used
MORTGAGE APPLICATION –Building a Home
- A job letter (not older than 3 months) stating salary, allowances, status of employment and length of service as well as a recent pay slip (not older than 1 month)
- For self employed persons you can provide financial statements (prepared by an accountant) for the last 3 years supported by bank statements
- Approved plans
- Deed or Purchase Agreement for land
- All statutory approvals
- Builder’s estimate
- Projected Valuation
- Quantity Surveyors report
- One (1) form of valid identification and proof of address not older than 3 months in your name e.g. utility bill, bank statement
- If the proof of address is not in your name, you are required to produce a letter of authorization and ID for the person whose name is stated on the utility bill being used
STAGE 3: POST APPROVAL
- Copies of up to date receipts for Land and Building taxes, lease rent and WASA rates
- A WASA Clearance certificate
- A Completion Certificate from Town and Country Planning Division for recently completed dwelling
The Bank reserves the right to request additional information/documentation if deemed necessary.
