Government Concessional Loans
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Mortgaged Secured Loans
A mortgaged secured loan requires the availability of a Land asset to guarantee any loan under this product. The product loan proceeds cater for any Housing development on the land asset pledged to secure the loan. The Corporation can only finance any proposed development on the land up to 70% of the land value.
The maximum amount of borrowing under this product is up to $250,000.
Based on a point-scoring system assessment, the annual Interest rate varies from 8 to 11%. The minimum loan term is 15 years, but it can be extended to 25 years if necessary.
The maximum amount of borrowing under this product is up to $250,000.
Based on a point-scoring system assessment, the annual Interest rate varies from 8 to 11%. The minimum loan term is 15 years, but it can be extended to 25 years if necessary.
Requirements Checklist and Form
Personal Guarantee Loans
The Personal Guarantee Product caters to applicants who do not have any real assets to guarantee any loan from the Corporation. Under this product, the Corporation will accept the personal guarantees of a maximum of four (4) working family members, friends, spouses, employed children, or any person with a verified income. They provide the necessary guarantee for the recovery of loan funds should the borrower default on the loan repayments.
The maximum loan amount is $30,000, and it is repayable for a maximum term of five (5) years. The current interest rate is 14% per annum, but it is subject to change based on the Board of Directors’ approval.
The maximum loan amount is $30,000, and it is repayable for a maximum term of five (5) years. The current interest rate is 14% per annum, but it is subject to change based on the Board of Directors’ approval.