Mortgage Loans | Southern Commercial Bank N.V.
Whether you are young couples to look for your first home or families who invest in property, it is always a ‘dream come true’ when it comes to property purchasing. Our loan specialists can help you get started.
Evaluation Report Fee An evaluation report is required for a mortgage loan application and it has to be done by an official evaluation agent. Consult our bank specialist if you require a recommendation on an official property evaluation agent.
Notary Office Fee You will need to appoint a notary office to complete the purchase of your property and the mortgage application. This notary office fee includes the working cost, inspection cost of notary, legal and conveyance fees etc. For more detail, you can consult your notary office.
Government Fees The price of your property will determine how much you pay for stamp duty and land transfer fees etc. Usually the notary offices offer an additional service to settle the government fees for their clients.
Fire Insurance Accidents don’t just happen to other people. Most banks will require you to purchase fire insurance for your property during the mortgage period, protecting you from financial devastation.
Life Insurance (Optional) It is strongly recommended to the loan applicants because we know life is full of unexpected. You would like to protect your family members as much as possible, at least protecting them away from the repayments of the mortgage. Life insurance would be your option.
After reading the useful information given by Southern Commercial Bank, we are sure you have the basic ideas on applying a loan with suitable rate and term periods. Here would be the lending process to help you along to receiving money.
Full application – We will assess your situation and advise if any additional documentation is required. With all the required documents, the bank will require approximately 1 week to decide the approval of the loan application.