Owning a home is everyone’s dream. Your deed, your land title, your place to call home. At the SLDB we can make this dream a reality.
Your sense of personal empowerment! These are the dreams you’ve been working towards since that first paycheck. SLDB wants to make it happen. We provide what you want; collateral to secure an education loan tomorrow, or the means to become a landlord in the retirement years. SLDB’s home facility graduates you – from rental to ownership and sets you on the path to long-term security.
Our Relationship Specialists will be happy to work with you to ensure that your project is kept on track.
SLDB, Financial Provider of Dreams:
- Construction of new homes
- Extension of existing houses
- Renovation of existing houses
- Purchase of building lots
- Purchase of existing houses
- Home improvements
- Land development and providing infrastructure for land to be sold as separate lots or as house and land packages
- What You Will Need:
Documents required for ALL applications
- Quotation from an approved contractor/builder with a cost breakdown (list cost of materials, labour and transportation);
- Contractor references
- Evidence of ability to meet required contributions(most recent salary slip, bank statement)
- Proof of Employment Letter indicating your salary and length of employment. If self employed, you will need to produce documentary evidence of monthly/yearly income.
- Power of Attorney for off island applicants, giving full authority to the Agent(s) to act on your behalf;
- Copy of Title Deed of land to be built on or to be purchased, or Notarized copy of Lease Agreement for a duration not less than the term of the loan with attached Land Register;
- Statement of existing Mortgage (where applicable) indicating the loan balance and other relevant details, if the land on which the building is to be erected is mortgaged;
- Tax Clearance Certificate from Inland Revenue Department confirming that income taxes are current;
- Letter from National Insurance Corporation (NIC) stating that contributions are current.
- Land and house tax clearance certificate
- Two forms of valid National ID
Other Documents Required Based on Specific Loan Applications.
- For Home Construction
- House Plans approved by the Development Control Authority (DCA)
- To Buy A Home
- Letter of intent to sell and Quotation from house Owner/Developer/Agent indicating total cost of land and house
- Land Register confirming that the land on which the building is established is free and clear and the vendor has absolute title.
- For House Extension/Improvement
- DCA Approval if extension is more than 1/3 the original size of the house
- Engineering report if there is evidence of structural weakness or if the works to be undertaken is likely to undermine the structural integrity of the building.
- For Land Development
- Approved plans for the provision of all required infrastructure
- Engineering Reports, including environment impact assessment (EIA), where required
- Cost Quotation from Contractors/Consultants/Engineers
- Business Plan or proposal
- Sales/Marketing agreements of contracts
- Information on marketing and market outlets
- Incorporation documents
- List of Current Directors
- Name of CEO and Senior Officers
- Resume of directors, CEO and Senior Officers
- Corporate Address and telephone numbers
- Credit Report
- Engineering report
- Quotation from suppliers
- Open Invoices/Bills
What SLDB Expects of You:
- The borrower implements the project efficiently
- The borrower has the ability to afford the monthly payment
- Any building or equipment financed with the funds of the Bank or pledged as security are free and clear of encumbrance and is properly maintained and adequately insured against perils
- The funds of the Bank will be used exclusively to fulfill the purposes of the loan
- Proper certification of work-in progress shall be required before further disbursement are made by the Bank
- Any and all alterations from the previously approved plans must be approved by the DCA
- The Bank shall have full and free access to the project and shall have the right to inspect the site and all books and records associated with the project
- Pertinent information or data requested by the Bank shall not be withheld by the borrower(s)
- Borrowers agree to fulfill all of the conditions or requirements of the loan.