Getting a loan can be confusing. We have simplified the mortgage process by outlining the steps involved.

Requirements for Mortgage Loan

1. Land Ownership with transferable title. (Original for sighting and a copy) Certificate of Occupancy, Land Certificate, Deed of Assignment, Deed of Sub Lease (as the case may be).Note: Allocation paper is not acceptable.
2. Open a Mortgage Account and build up at least 25% equity contribution to the funding of the project. A minimum of 6 months relationship is a pre-requisite.
3. Personal Profile or Curriculum vitae
4. Submit application letter for the mortgage loan (original copy).
5. Two passport photographs endorsed at reverse sides.
6. Duly completed Skye Mortgage, Loan Application form.
7. Satisfactory search report on the property or parcel of land (in case of construction)
8. Cash flow projection on loan repayment with evidence of steady stream of income (pay slips for months, Bank statement for past 3 years and/or a letter from your employer stating your remuneration. (Basic salary & Allowances).
9. If self-employed, submit the following:
   • Company's profile
   • Company’s Bank account statement for the past 3 years
   • Three years audited accounts of the company and or Management accounts
10. Photocopy of current tax clearance certificate (Original for sighting)
11. Payment of necessary charges e.g. inspection, legal fees for search on the property etc.
12. Provision of 2(Two) Guarantors for the mortgage loan amount.
13. Domiciliation of salary to Skye Mortgage Bankers Limited
14. Outright Purchase
    • Offer letter from vendor of property.
    • Valuation report from qualified Estate Surveyor to be accompanied by photographs of the house.
    • Undertaking from the vendor to convey necessary title upon full payment.
    • Property shall be purchased in the name of the bank.
15. Property Construction/Development
    • Approved Land Survey plan and the property Building plan.
    • Priced Bill of Quantities from qualified Quantity Surveyor for new construction and estimate of complete the house for a building under Construction.
    • Fund Utilization schedule and timeline
    • Title document must be in the name of the applicant otherwise cost of Governors consent should be provided.
    • The property shall be valued by a qualified estate surveyor upon completion
16. The lending shall be at the prevailing interest rate and this is subject to current money market rates. The interest rate above excludes other fees such as Processing, Management and Anniversary fees. (These shall be advised by the marketing officer). The applicant shall also provide for the cost of Governors Consent and Perfection of Legal mortgage. (This should be provided along with down payment on the property or appraised along with the loan appraisal).
17. Insurance: If the Loan is approved, the following insurance Policies shall be taken, Premium payable before facility disbursement and annually:
    • Property Insurance to include Fire, Burglary, and Special.
    • Mortgage protection Assurance. Premium can be paid once for the entire tenor of the facility or annually on the outstanding loan balance.

Note: Applicant may be required to run medical test for the Mortgage protection assurance

For further enquiry or clarification, kindly request for the assistance of any Skye Mortgage Bankers Limited’s marketing officer. Contact us