1st Home Mortgage
Happiness is Owning Your Own Home!
Get the keys to your dream home with a mortgage from VMBS. With up to 100% financing and low processing fees, owning your home is easy.
- Proof of age & Identity (Valid passport, driver’s license or voter’s ID)
- Completed mortgage application document
- Valuation report done within the last six months
- Photocopy of certificate of title
- Proof of ability to repay
Employed individual: income letter and last three pay slips
Self-employed individual: Audited Financial Statement, bank statement for the last 12 months, Cash flow statements and income tax returns for the last two years
- Signed agreement of sale
- Proof of funds to complete transaction (closing cost)
- NHT contribution letter to determine eligibility for NHT benefit
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Getting pre-approved for a mortgage is a wise and important step to take on your journey towards owning your home. It involves the assessment and verification of your income, personal expenses and obligations to determine how much you can afford when looking for properties. Once complete, we will provide a Pre-approval letter, which is a conditional offer outlining the loan amount you are eligible for based on the information you have presented. You may use this to make an offer to a seller or show that you are an eligible candidate.
Once you have identified a property and an offer made, it will now be time to submit your mortgage loan application for approval. This application will include your personal and financial information, along with details of the property, and is to be uploaded with the required supporting documents for verification via this portal.
The information provided in your application, such as employment status, credit history and income and expenditure will be verified to determine your ability to repay. Once approved based on the fulfillment of all the requirements, you will receive an offer letter outlining the loan terms to accept.
At this phase, you are more than halfway there to owning your home. Mandatory checks will be carried out to ensure there are no restrictions or caveats on the property to prevent transfer of ownership to you. To finalise this step, you will be required to sign a Mortgage Deed, which is a legally binding agreement between you and your lender – VMBS.
Let the celebration begin! The purchase will now be complete with the transfer of funds directly to the vendor or attorney acting on behalf of the vendor. It’s time to start planning your home décor and how to make your new place move in ready.
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