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Form Title:

Application for a Government Guaranteed Loan

Description:

The mandate of the minister responsible for housing is the encouragement of home ownership by persons of low to moderate incomes.

Prerequisite:

Bahamian citizens and residents who are 18 years of age or older.

Attachments:


Instructions:

1.Before applying for a government guaranteed loan, persons must have agreed to purchase a house from a seller or agreed to have a house constructed on their behalf by a developer.
2.A government guaranteed loan can then be pursued when arranging financing through an approved lender.
3.Once the loan is approved, the lending institution must them submit an application to the Minister of Housing for an undertaking to insure the loan. The lending institution must complete and submit the Application to Loan MI- 1 form and a Request for undertaking-to-insure MI 2 form.
4.The Department of Housing completes the Undertaking-to-insure MI 3 form and returns it to the lending institution.
5.Once the mortgage is finalized, the lending institution must then apply for a mortgage insurance policy on behalf of the home owner. The Application for Mortgage Insurance Policy MI-8 form, is completed by the lending institution and submitted to the Department of Housing with the required fee.
6.The Minister completes and returns the Mortgage Insurance Policy (MI-9 form) to the lending institution.
7.It should be noted that the terms of this form cannot be altered without the approval of the Minister of Housing. As such the Mortgage Insurance Policy is valid for the duration of the mortgage.

Fee:

0.5% percent of the value of the mortgage.

Form:


FAQs

Contact:

HOUSING MINISTRY OF
SHIRLEY ST. AND CHARLOTTE ST.

P. O. Box N-4849

deptofhousing@bahamas.gov.bs
http://www.bahamas.gov.bs



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