Displaying 13 - 18 of 18
You will be required to pay the difference between the bid amount and the maximum loan entitlement. This is also subject to your ability to repay the loan. You must provide evidence that you can pay this shortfall before the sale/purchase processes can commence.
There will be some specific legal fees which you will be required to pay to enable us to not only register your name(s) on the Title as owner(s) of the property, but also the mortgage loan. These fees are approximately 3% of the sale price, and represent half costs for stamp duty and registration. (N.B. The 3% is based on the Stamp Commissioner’s assessment of the value of the property, and the cost to register the mortgage loan may vary depending on the Institution from which you will be obtaining the loan)
(a) You must be a first-time homeowner, and currently making contributions to the Trust. However, for more details of the eligibility requirements you may either visit the Customer Service Department at the nearest Branch Office, or visit the Loans section of the website by clicking on the “ Loans” link in the menu for more information. N.B. If you are not qualified for a NHT loan, you may still be allowed to purchase a property; however, we will not grant you the loan. Financing must therefore be sought from another source. (b) You may use the Fifteen (15) Plus Loan to purchase a property being sold by Private Treaty provided: the previous NHT loan was obtained at least 15 years ago; you are not currently a home-owner; your current non-home -owner status is not as a result of failure to meet NHT’s required mortgage payments. (c) If you are successful in bidding on more than one property, you will be allowed to purchase these properties, subject to proof that you can afford to pay for each one. However, we will grant you a mortgage loan on only one (1) property, if you are eligible for a non-home-owner’s loan or a loan as outlined at item (b) above.
Yes, provided that you can satisfy the requirements.
Vacant possession is not guaranteed. If the unit is still occupied by the previous owner(s) or is tenanted, upon receipt of Letters of Possession from the Trust, you will be responsible for ensuring that the property becomes vacant by serving a notice to quit on the occupants, and pursuing Court action for recovery of possession.
Private Treaty Sale is one of the methods used by financial institutions such as the NHT, to legally recover outstanding mortgage loans in default, and which are secured by properties such as residential homes.
