Do I have to be an existing NIC customer to get a mortgage?
No you do not have to be an existing NIC customer. We will however ask you to open an account once we have approved your application.
What security will the bank need to be able to give me a mortgage?
The house you are buying will be the security. NIC Bank will not ask for additional security.
What’s the maximum repayment period for your mortgage?
Our maximum repayment period is 20 years with an option of early repayment without penalty
Do you allow joint applications?
Yes, we do allow joint applications
Can I make lump sum payments into my loan account?
Yes. NIC Bank allows you to make lump sum payments into your mortgage loan account
What other costs will I incur while taking a mortgage?
Valuation fees: This is paid to the valuers for the valuation of the property and is based on the value of the property.
Legal Fees: This is paid to the advocates for the preparation and registration of the security documents for the loan. It is based on the loan amount.
Stamp Duty: This is paid to the commissioner of lands for the registration of the transfer on the ownership of title documents on the property. It is based on the price of the property or the value of the property as determined by the Government Valuer.
Fire insurance: This is insurance cover taken on the property to cover against fire. Premiums are paid annually to the Insurance Company providing the cover and it is based on the value of the property.
Life insurance: This is insurance cover taken to cover customer in the event of death or permanent disability while servicing the loan. It is paid annually and is based on the outstanding loan balance.
Arrangement fee: this is a facilitation fee paid to the bank on approval of your application