Getting Prepared

What are the right types of loans for you? What are the costs? There are lots of questions in mind for requesting a loan. Southern Commercial Bank understands your concern. We have put together the essentials in a handy guide to take the guesswork out of requesting a loan.

i) What is your budget?

Answering this question as accurately as possible, and sticking to the answer, can save you a lot of stress. After all, there is no point blowing your budget to get the place you want, if the crippling loan repayments mean you can only afford to eat bread every day.

To determine your budget, add up everything you and your family can earn in a month. Then, subtract everything you spent – that includes rental/purchasing agreements, car repayments, food, petrol, and school fees for kids, taxes and utilities, everything you could think of! If you are not prepared to go without it once you have a loan, make sure you budget for it up front.  The sum you are left with is your family total income. That doesn’t mean you should borrow to the full amount because there are always emergency. Our loan specialist is going to evaluate base on this amount, and suggest a feasible amount for your loan application.

 

ii) What is needed for borrowing money?

It is important to bring the right and precise documents to save your time.

MORTGAGE Loan MORTGAGE Loan BUSINESS Loan
WORKING CLASS BUSINESS OWNER BUSINESS OWNER
If you are a working class, please submit the following information for mortgage loan: If you are a business owner, please submit the following information for mortgage loan: For a business financing loan, please submit:
Personal Identification Business Identification Business Identification
Copy of your identity (ID card, passport, driving license) Copy of the shareholder’s identity (ID card, passport, driving license) Copy of the shareholder’s identity (ID card, passport, driving license)
CBB personal record registration CBB personal record registrations of the shareholders CBB personal record registrations of the shareholders
CBB nationality registration CBB nationality registrations of the shareholders CBB nationality registrations of the shareholders
Working Statement Business statutes Business statutes
2 months recent salary slips Business license Business license
3 months recent bank statements Life insurance of shareholders Life insurance of shareholders
Life insurance Chamber of Commerce license Chamber of Commerce license
Operation Overview Operation Overview
Purchasing a piece of land Purchasing a piece of land Financial Performance
Purchasing agreement Purchasing agreement Past 3 years’ business financials (including profit & loss statement)
Copy of the surveyor’s map Copy of the surveyor’s map If it is a startup business, please provide a Business plan and cash flow projections
Evaluation report Evaluation report Bank statements from other banks
Mortgage registration Mortgage registration
Purchasing an existing house Purchasing an existing house Security Details
Purchasing agreement Purchasing agreement Collateral such as property valuations, inventories, equipment lists etc.
Copy of the surveyor’s map Copy of the surveyor’s map Collateral
Evaluation report Evaluation report
Mortgage registration Mortgage registration
Fire Insurance of the house Fire Insurance of the house
Building your own house Building your own house
Purchasing agreement Purchasing agreement
Copy of the surveyor’s map Copy of the surveyor’s map
Evaluation report Evaluation report
Mortgage registration Mortgage registration
Building license Building license
Specification of building proposal Specification of building proposal
Building phase plan Building phase plan

 

iii) How much can you borrow?

The quick answer is you can usually borrow as much as you can afford to repay back comfortably.  To work out what the number is, we look at things such as your family income, how much you spend each month, what are the other debts and assets you have, yourcredit history and the cost of the property you want to buy.

For a tentative idea on how much the repayments would be, check out our online calculator.

Mortgage Calculator

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Home Owner

1st class mortgage advice, couldnt have done it with out Southern Commercial Bank.

Sander Anderson

Business Owner

Great rates, and peace of mind security for my company. Thank you for the help & honest advice.

Amal Pakesh

Student Learner

My overdraft facility enabled me to complete my education, all thanks to the banking staff.

Anita Chin

Contact Us

Tourtonnelaan #33, Paramaribo Suriname

Tel: +597 474532 / 474533

Fax: +597 474539

Email: info@southcommbanknv.com