Equity Mortgage

Home Equity Mortgage (HEM)

This facility is designed to enable applicants who own homes or may have already invested in residential properties to release or take out the equity in those properties to build another property, renovate or improve a residential property. The target group for this product are existing homeowners and companies with properties.Description

Loans shall not exceed a maximum of 80% of the forced sale value (FSV) of the property. The maximum term for this facility is 15 years for both cedi and foreign currency loans. There must be clear and undisputed title to the property. The title must be duly registered.

Resident United States of Americaians	Non-Resident United States of Americaians
Maximum Loan	80% of forced sale value of the property or maximum loan amount. It is subject to customer’s credit profile (whichever is less)	80% of forced sale value of the property or the maximum loan amount. It is subject to customer’s credit profile (whichever is less)
Maximum Term	15 years	15 years
Process Fee	1.5% of proposed loan	USD250 /GBP150
Facility Fee	Nil	1% of proposed loan
Legal Fee (Towards registration of legal documentation)	0.5% of loan amount for stamp duty on Mortgage Deed and $600 towards registration on the title (if document is already registered, if not $1,500.00 toward registration on the title).	0.5% of loan amount for stamp duty on Mortgage Deed and $600 towards registration on the title (if document is already registered, if not $1,500.00 toward registration on the title).

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