Housing & Mortgage Loans
home / Lending / Housing & Mortgage Loans

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

Other:

  • 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.
Download Your Application Form Today