FAQ’s

Mortgages

A: The TBLA offers the following types of mortgages:

  • Land Purchase
  • House Purchase
  • Home Construction (Commonly called bridging)
  • Equity mortgages – using your existing property as collateral (equity) for the loan, in order to do:
      1. home renovations
      2. debt consolidation
      3. refinancing
  • Commercial property

A: Documents required to be assessed for a mortgage include:

  • Job letter
  • Recent pay slip
  • Personal Financial Statement
  • Copy of two forms of identification (ID / DP / PP)
  • Registered copy of freehold/leasehold Deed or Instrument
  • Evidence of rates and taxes paid to date
  • WASA Clearance Certificate
  • Evidence of recorded assets and liabilities.
  • Current Valuation report
  • Evidence of BIR #
  • Bank statements
  • Signed agreement to purchase
  • Utility bill (if not on your name, an authorization letter is needed)

For construction and renovation mortgages there will be additional documentation required.

A: Yes, we encourage self employed persons to be part of the TBLA.

A: In addition to the regular documents, we require:

  • Certified financial statements
  • Projected cashflows for 2-3 years
  • Evidence of income and bank statements showing deposits
  • If a limited company, we need your last Annual Return and Memorandum of Incorporation

A: The TBLA offers FREE pre-assessments to anyone. A mortgage officer will go through your current income and expenses and financial status to determine an estimated amount you can qualify for.

Only upon presentation of the required documentation would the final assessment to be sent for approval be completed.

A: Persons can contact us through the following means:

Call us at 623-1501 or 623-1504
Email us at: marketing@tblamortgages.com

Investment Products 1:

FIXED DEPOSITS

A: A fixed deposit is an investment plan that guarantees your principal and offers an attractive rate of return over a specific period of time.

A: Duration of a fixed deposit starts at 6 months. You have the option to renew the principal only or principal and interest at the date of maturity.

Answer:

  1. It can be used to diversify your investment portfolio.
  2. Customers can get a loan up to 90% of their investment.
  3. It is a safe and steady investment opportunity.

A: The minimum amount for a fixed deposit at the TBLA is $1,000.00

A: Yes, you can access the funds before the maturity period. A breakage fee will apply and is dependent on the investment terms and conditions.

Investment Products 2:

DOWNPAYMENT SAVINGS PLAN

A: A DSP is a customized savings plan that brings together mortgage counselling and goal setting.

A: To save for a downpayment and fees associated with the purchase of land, house and mortgage related products.

A: Yes – Dividends are paid on a DSP account twice annually – June 30th and December 31st.

A: A DSP can range from a minimum of 2 years to a maximum of 7 years.

A: Complete KYC Form, Utility Bill, Two forms of ID and Source of Funds.

A: The funds are transferred to a TBLA Savings account and held for the customer when they are ready to purchase.

Investment Products 3:

SUBSCRIPTION SHARES

A: Subscription shares are a unique investment product of the TBLA. It is an investment certificate that carry a future face value that is paid by periodic instalments over a period of time. Owning a subscription share entitles you to become a member of the Association.

A: Unlike other investment products offered, the subscription shares have a high yield return and a maturity date. That is, a guaranteed face value at a future date. We have seen historical earnings of over 40% on this product by investors.

A: Dividends are paid on June 30th and December 31st of every year.

A: The rate of maturity is dependent on the dividend payout annually It can take between 10-14 years for the shares to mature. For example, someone who invests in 5 subscription shares would have to pay a monthly contribution of $100. Each share has a face value of $5,000 and therefore 5 shares would carry a face value of $5,000. It historically takes 12-14 years to achieve this face value, also called mature.

A: At maturity, the investors has many options including:

  • Take out the funds.
  • Reinvest the funds into a fixed deposit product.
  • Reinvest by purchasing other subscription share that may be available with a later maturity date – this is exceptional and unique to TBLA again, where you can purchase shares that some else is willing to sell and still enjoy the initial maturity date. The maturity date does not start over.
  • They can also re-start a new subscription share.
  • Use the funds as down payments to life goals.

A: Yes, based on an assessment by one of our qualified officers, you are eligible to have access to share loans.

A: No, there is no need for a pre-assessment as the loan is based on the value of your existing shares.

Call: 623-1501 or 1504

Email: marketing@tblamortgages.com