Application form or request letter, specifying the borrower, guarantor, project, and security details, with all supporting documentation as follows:
For individual borrowers / guarantors
Valid identification (ID card or passport) for each borrower / guarantor
Confirmation and details of involvement of the borrower / guarantor in any companies
For companies as borrower / guarantor
Certificate of registration
Memorandum of association
Articles of association
Latest share position (authorized share transfer form / confirmation from Companies Registrar)
Board resolution
Confirmation and details of involvement of any of the shareholders in any other companies
- Project details, Feasibility & Repayment capacity
For house construction:
Construction permit from the relevant authority
Approved drawings
Cost estimates / BOQ
Copies of agreements with contractors
If property is leased, copies of lease agreements (with letters of assignment of rent to the Bank, if possible)
Proof of repayment capacity of individual applicants (income / expenditure details)
For commercial projects
Permits / licenses from the relevant authority
Project feasibility study
Other relevant documents (varies by project)
For working capital facilities
Business plan
Audited financials of the business (latest 3 years)
Projected financials (1 year)
Consent for mortgage from owner(s) of land / property / vessel (letter if owner is an individual, board resolution if owner is a company).
Valid registration certificates of the land / property / vessel offered as security
Valid insurance in the joint names of Bank and owner
House property / land
Pre-assessment form of the Bank from the owner to specify details of the property, dependants, other property registered in owner’s name
Tourist resorts, or investments on commercial islands
Prior clearance (no-objection) from the relevant Government authority for mortgage
If borrower is a Company
Personal Guarantee of all directors
If guarantor is a Company
Corporate Guarantee (board resolution)
In case of older persons not earning any income
Joint borrowing with or Personal Guarantees of employed children
Note: Required contents of Board Resolutions
If any borrower or guarantor is a company, Board Resolution will be required specifying the following details. (All Board resolutions should be on company letterhead, and should include the date, signature of all the directors, and company seal)
For borrowing company :
Resolution to avail credit facility [type, amount and period of facility]
Collateral offered [property type, name, reg. no., value, owner]
Authorised signatory on behalf of the company who will sign all documentation
For consent to offer property as security:
Resolution to offer property [property type, name, reg. no., value] owned by the company, as security against facility [type, amount] being availed by [borrower]
Authorised signatory on behalf of the company who will sign all documentation
For consent to offer Corporate Guarantee as security:
Resolution to offer corporate guarantee as security against facility [type, amount] being availed by [borrower]
Resolution that the company agrees to take on the liability of the borrower in case of default by the borrower
Authorised signatory on behalf of the company who will sign all documentation