|
Description / Purpose |
Designed to allow applicants with existing mortgage loans with other banks switch to Republic Bank to benefit from low interest rate |
|
Target Group |
Mortgagors with other Banks |
|
Max Loan |
Outstanding Loan Balance or 80% of Forced Sale Value |
|
Equity / Down payment |
None Required |
|
Max Term |
USD = 15 years, GHS = 15 years |
|
DSR |
USD = 40% , GHS = 50% |
|
Joint Application |
Allowed with Siblings, Spouse, Parent or Children |
|
Security / Collateral |
•Mortgage over residential property •Mortgage Life and Hazard insurance |
|
Benefits |
•Opportunity to release equity (cash flows) for other Investments or business capital injection. •Flexible repayment options •Competitive Interest Rates •Credit card bundle •Mitigate exchange rate risk. |