Found your dream home? We will make the financing part stress-free and straightforward.
Diaspora Mortgage is a residential or construction Loan which finances the borrower’s house purchase or construction. Every aspect of this loan has been designed to help you realize your dream of owning a house
| Mortgage loan facility (purchase or construction) at 15 years with a possibility to increase to 20 years | 15% interest rate per annum |
ELIGIBILITY REQUIREMENTS
To be eligible for a COGEBANQUE Diaspora Mortgage, the borrower has to:
- Be an employee with a long-term Contract or having rented house/ houses.
- Have had a regular monthly income for the last 3 months.
- Be willing to commit up to 50% of their monthly household income to cover monthly repayments.
- Have a clean Credit Reference Bureau report.
- Commit to domicile joint income (house hold income) to COGEBANQUE.
- Provide evidence that the house to be financed conforms to approved city master plan.
Features:
- The Loan for purchase or renovation of residential property is given at an interest rate of 15%.
- For houses under construction, borrower could apply for a mortgage upon completion of the house.
- Loan repayment duration is 5 to 15 Years (with possibility to extend up to 20 years) •Flexible amortization schedule depending on income.
- The property purchased or built is taken as security.
- The processing fee of this loan is FRW 25,000 tax exclusive and the management fee is 0.5% on a reduced basis.
- The property must be insured against perils to protect the interest of the lender and borrower.
- Repayment is linked to household income; and no more than 50% of the household income can be considered.
- A down-payment of 10% to 20% will be required
