Personal Lending |
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Property Improvement Loan Checklist
1. Letter of request (Stating amount, purpose, security/collateral being
offered).
2. Personal Financial Statement/s, Income and Expenditure Statement/s, and
confirmation of employment (stating salary and years of service).
3. Detailed estimate of the house to be repaired/renovated.
4. Copy of approved plans/Drawings of house if making an addition to
existing building.
5. Copy of Certificate of Title/Deed to property.
6. Details of Contract with builder (labour only or labour + material), to be
provided after approval of loan.
7. The Customer must also have available enough cash to cover loan
charges, legal fees as well as the cost of insuring the property during and
after construction.
8. The Customer should have life insurance and this should normally be
enough to cover the loan amount.
9. The maximum repayment term that may be offered is 10 years, subject to
applicant’s age.
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