Mortgage loans are available to individuals for the purpose of building, buying, renovating or expanding a residential house. We also refinance existing mortgage loans. The repayment term has a maximum of 25 years, depending amongst other on the age of the client.
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The two most popular types of Mortgages are:
Annuity Mortgage Loan (regular)
This loan is calculated using the annuity method where the capital and interest is amortized with fixed monthly installments. This method is very popular because the installments are more affordable than the interest only mortgage method and the straight-line method. The annuity concept entails that in the beginning a large part will go to interest payment (tax deductible) and a smaller part to capital reduction. In the latter half of the mortgage term, the opposite occurs.
Mortgage with life insurance "Interest only mortgage"
This product allows you to make only the interest payments and the life insurance premiums during the term of the loan. The principal will be repaid in full upon the due date of the life insurance.