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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