Mortgage loan
One of the most important decisions you will make in your life is the purchase of a plot or house, or the construction of a house. Undertaking renovations that you have often considered, but never got around to is also an important decision. With a mortgage from the NTFM (a 100% subsidiary of the Hakrinbank) all this is now within reach. The NTFM provides you with advice on the various financing options, and offers you a tailor-made loan. Coming home to your own house gives a particularly good feeling, and that is possible with a mortgage from the NTFM.
Maximum loan amount
- In the case of the construction or renovation of a house, in principle, 100% financing of the construction price is possible.
- You can take out a loan for a maximum of 90% of the purchase price for a mortgage, for the purchase of a plot, or an existing home.
- Notary costs (consisting of the costs for establishing the mortgage and, if applicable, the costs for transferring the property) are not co-financed.
- When determining the maximum loan amount, the appraised value of the property and your redemption capacity also play an important role.
Maximum maturity
Depending on your age and redemption capacity, a maximum maturity of 20 years is possible, but you are of course free to choose a shorter maturity that suits your needs. The loan must be repaid before your 60th birthday.
Special products
In addition, the NTFM offers products with special conditions. Some examples are the 7% mortgage loan under the Cash Reserve Scheme with the Central Bank of Suriname, and the 6% LMISP financing through the Foundation Low Income Shelter Program. The NTFM also works together with various allotment agents and real estate agencies in Suriname.
Conditions
The conditions that apply when applying for a mortgage are listed below:
- Own contribution of at least 10% in case of purchase of a plot or existing house. In case of the construction or renovation of a house, 100% financing is possible. A sum of money is also required to pay the notary fees. The own contribution must be made at the start of the loan.
- As coverage you provide a wage cession or assignment on the book receivables, and a mortgage on the real estate.
- The monthly redemption amount should not exceed approximately 35% of the net income.
For non-residents
Even if you do not live and work in Suriname, you may qualify for a loan from the NTFM. In that case, you can borrow a maximum of 65% of the purchase price of a plot or house, and a maximum of 75% for the construction price of a house, respectively.
The approval procedure and other administrative work will take a maximum of 3-4 weeks after receipt of all necessary documents.
For more information, you can always contact the NTFM, or one of the Hakrinbank branches. Our expert staff will be happy to welcome you for a personal meeting. If you want an indication of the maximum loan sum, maturity, and redemption amount in anticipation of this, go to our loan calculator.
Click here for a complete overview of the documents to be submitted.