mort&loans

Mortgages Special Loans Car Loans

Homeowners Easy Loan Plan Pro-Line Loan Plan

Mortgages

At the Trust Corporation, Mortgages are processed with the aim of providing finance for construction, repairs, renovation and the purchasing of your own home. We specialise in both Domestic and Commercial purposes

The requirements for obtaining a mortgage are:

1) A valid form of identification (identification card or passport)

2) Proof of income

3) A copy of the Certificate of Title/Transport

4) Financial Statements

5) Agreement of Sale

6) Approved plans and estimates

Special Loans

These loans are provided for short term financing in areas of small purchases and domestic expenses.

To obtain such a loan, all you have to provide is proof of cash collateral in the form of a Savings and/or Fixed Deposit Account with the Trust Corporation.

Car Loans

Loan Ceilings

1) 80% of the purchase price for vehicles under five (5) years with a ceiling of $4 million

2) 70% of the purchase price for vehicles more than five (5) years with a ceiling of $2 million

NB - Motor Vehicles being purchased must be strictly for private use.

Down Payment

It is required that you the borrower, finance 20/30% of the cost of the vehicle.

Repayment Plan

An interest rate of 13% will be charged with a maximum of four (4) years to repay. Monthly repayment should not exceed 25% of gross monthly income.

Valuation reports must be obtained from reputable automotive dealers or an experienced motor mechanic.

Eligibility Requirements

1) Proof of employment (Job Letter)

2) Presentation of Invoice/Agreement of Sale

3) Proof of Residence (currently paid GPL or GT&T bill)

4) Proof of Identity (Passport or ID Card)

5) Income/Salary Assignment

6) Execution of a Bill of Sale for vehicle purchased

7) Comprehensive Motor Insurance Policy from Hand-in-Hand Motor Insurance Division

Self Employed Applicants

1) A copy of the Business Name Registration

2) Audited Financial Statements for the last three (3) years

3) Two (2) References

Interest Rate - negotiable

Homeowners Easy Loan Plan

Loan Ceilings

1) The Trust will provide 75% of the building costs or purchase price but not exceeding $12M.

Down payment:

The borrower is required to finance 25% of the building costs or purchase price.

Repayment Plan:

A negotiable interest rate will be charged with a period of 10-15 years to repay.

* Monthly repayment should not exceed 25% of gross monthly income.

* Fees are payable for the valuation of the property to be mortgaged and inspection of building being constructed.

Eligibility requirements:

ü Job Letter

ü Estimate(s)/Agreement of sale

ü Approved Plan

ü Copy of Transport/ Lease/Title

ü Two (2) photographs of the building (front and side views)

ü Identification (Passport/ National I.D. Card)

ü Proof of Address

ü Proof of Payment of Rates and Taxes

ü Income/Salary Assignment

ü Assignment of Comprehensive Fire Insurance

For Self Employed Applicants:

In addition to the requirements above:

ü Business Registration/Certificate of Incorporation

ü Audited Financial Statements for the last three (3) years

ü Two (2) references

Pro-Line Loan Plan

About Pro-Line

Pro-Line is a mortgage facility that caters to professional individuals who have acquired land from the Government of Guyana or an approved developer and are desirous of building their own residential property.

The Pro-Line package includes:

1) A mortgage with a ceiling of G $8 M for the construction of a new building.

2) An advance of a maximum of G 41.5 for the purchase of a motorcar (not older than 8 years).

3) An advance of G$500,000, for the acquisition of home furnishings.

Note: The percentage of the mortgage should not exceed 80% of the total cost of the project.

Security

1) First mortgage to be executed on the building being constructed.

2) Second mortgage along with bill of sale to be executed on motor car and home furnishings.

Interest Rates

First mortgage - 6.25 %

Second Mortgage and Bill of Sale - 12 %

Period of Loan

First mortgage - 20 years

Second Mortgage and Bill of Sale - 5 years