Upgrade Your Home

Upgrade Your Home

Some of the new couples who start living together tent to buy their first house located in the suburb of the city, where the sale prices are lower as they can’t afford a high sale price. After a period of time some of them get financial healthier and want to move in a better location or a bigger house and they are looking to sell the existing house.

For this category BKT is offering a new Loan product by:

Financing up to 100 % of the sell price of the new home

Paying for the 2 first year only the interest rate

If the customer takes a Home Loan in BKT in order to finance the transfer in a better location or a bigger house and as the sale of the existing house may take some times we offer for these customers a new loan repayment schedule that better fits their financial situation.

Terms and Conditions:  

Interest rate

Interest rate for Home Loan +0.5% for the period of interest only

Financing criteria

100% of the sale price

Prepayment commission

0% for the period of interest only

Collateral

Existing house and new house to be bought

Collateral Coverage

Same as Standard Home Loan

The loan amount requested will be disbursed based on two loan contracts with specific characteristics:

1. First Loan Characteristics:

  • Loan amount: Equal to Immediate Liquidation Value of the existing house
  • Monthly Loan installment: Paying only interest rate and payment of the full principal payment in the maturity date of the loan
  • Interest rate: 0.5% higher than actual interest rate for Home Loan
  • Prepayment commission: 0% if the customer partially or totally liquidates the loan with funds generated from the sale of the existing house.

2. Second Loan Characteristics:

  • Loan amount: Equal to Total Loan Amount requested – First Loan Amount
  • Interest rate: During the period of payment of only interest it will be 0.5% higher than actual interest rate for Home Loan, then it will be actual interest rate for Home Loan
  • Monthly Loan installment: It will be only interest for the first two years. After two years, the loan will be repaid in equally monthly installment.
  • Prepayment commission: 0% if the customer liquidates partially or totally the loan within the first two years with funds generated from the sale of the existing house.
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