A home loan is unlike a loan for whatever purpose loan. Unlike a loan for anything, here the money is paid by the bank for a specific purpose. This may be, for example, the renovation of a kitchen or bathroom, the purchase of new household equipment (furniture, kitchen, bathroom equipment). The loan can also be used to buy an apartment, house or other residential property, or this home loan can also be used to finance the construction or renovation of a house or apartment.
Loan conditions and parameters loan for housing
A home loan is a classic bank loan. The loan can be in the range of USD 70000 – 600000. The length of the loan can then optionally be in the range of 12 – 120 months (ie 1 – 10 years). The basic interest rate is fixed at 7.5%.
The home loan is provided without a loan approval fee. Unlike some other banking institutions, you do not pay any loan approval fee (elsewhere it is usually 1-2% of the loan amount). You do not pay any fee for keeping a loan (this is usually from 1500 to 2500 USD per year).
However, the condition for the approval of a home loan is that the applicant must have a current personal account set up at Lite lender company. If you do not have one, you can set it up at any branch of Lite lender company, where you can apply for a loan immediately. The minimum annual fee for a current personal account is USD 408 ( personal account).
What do you need to handle a home loan?
To apply for a loan, you will need two identity documents and proof of your income. Another condition is a minimum age of 18 years. Furthermore, the applicant for a loan must be a citizen or at least have a long-term permanent residence. At the same time, the loan applicant must not be more than 67 years old.
The loan for housing up to USD 300,000 is provided without any additional collateral or security requirements.
You can borrow an amount of USD 300,000 from Lite lender company without collateral and without liability. However, if you need more money and would like to apply for a loan of up to USD 600,000, the postal savings bank will require a co-guarantor. This may be the wife or the spouse or any other third party who can prove to the bank their receipts and personal documents.