Construction Mortgage

The Construction Mortgage is a specialized facility that finances the construction of residential and commercial property . Beyond construction, this facility also finances the purchase of land if the customer does not already own the land. Additionally, it allows customers with unfinished structures to complete them, making it a versatile solution for property development needs .

This facility offers several key advantages for property development. It allows customers to construct properties according to their preference, giving them the freedom to design and build exactly what they envision. The facility also provides the opportunity to construct properties in localities of their choice, subject to the Bank's approved zones, ensuring customers can build in locations that suit their needs .

The Construction Mortgage is available to a broad range of customers. Salaried customers receiving their salary through NBS Bank can apply, as well as Group Schemes and Workplace Banking customers . Salaried customers who do not receive their salary through the Bank but whose employers are committed to deducting loan repayments at source are also eligible. Additionally, corporate and SME customers can access this facility for their construction projects

Repayment terms vary depending on the type of customer. For individual customers, the maximum term is 240 months, which is 20 years . This extended term provides flexibility for individuals undertaking residential construction projects. For corporate and SME customers, the maximum term is 60 months, which is 5 years .

Interest is calculated as the Base Rate plus a Risk-Based margin, which is determined based on the customer's risk profile and the nature of the facility . An arrangement fee of 2.5 percent of the loan amount applies. Additional costs include legal fees and ERIS Management Development fees at a fixed rate .

For individual salaried customers, several documents are required. You must provide a valid identification document such as a National ID, passport, or driver's license, along with three months of recent payslips and a letter of undertaking from your employer . A title search is required to verify that land documentation is legitimate. You will need a copy of the certificate of lease or land certificate, as well as plans and assessments from approved project managers, including bills of quantities. A valuation report from a registered and Bank-approved valuer or quantity surveyor is mandatory. Your NBS Bank active account must be aged six months and above, and you must have a clean Credit Reference Bureau (CRB) report .