Mortgages

RBC Royal Bank’s Residential Mortgage is ideal for you if you want to finance the purchase, construction or renovation of your own house

Employment Status:

Permanent / Self-employed

Employment Tenure:

1-2 years (Permanent) / 3 years (Self-employed)

Employer’s Profile:

Well-known privately owned companies. Companies banking with RBC Royal Bank in good financial standing State-owned companies, subsidiaries, quasi-government

Tenor:

Maximum Tenor - 30yrs (to be repaid by retirement age) 

Collateral:

Registered First Mortgage; Guarantee from FNDG (where applicable); Assignment of Fire Insurance; Assignment of Life Insurance for the mortgagor(s)

Repayment Structure:

Blended payments of principal and interest, amortized over the term of the loan Apply Now

RBC Royal Bank’s Home Equity Loan is ideal for you if you want to use the excess value of your house to finance any personal goals, such as home renovations at an attractive interest rate.

Employment Status:

Permanent / Self-employed

Employment Tenure:

1-2 years (Permanent) / 3 years (Self-employed)

Employer’s Profile:

Well-known privately owned companies. Companies banking with RBC Royal Bank in good financial standing State-owned companies, subsidiaries, quasi-government

Tenor:

To be repaid by retirement age

Collateral:

Registered First Mortgage over property to be financed; Assignment of Fire Insurance; Assignment of Life Insurance for the mortgagor(s); Assignment of salary

Repayment Structure:
Blended payments of principal and interest, amortized over the term of the loan Apply Now

When am I eligible for the RBC Royal Bank Mortgage Loan?

You are eligible when you enjoy permanent and sufficient income and are at least 18 years of age. The loan should be paid off before you turn 65 years of age. Other conditions may apply dependant on your specific situation.

How much may I borrow and for how long?

The amount of the loan depends on your age, income and fixed expenses. The maximum amount equals 80% of the market value of your house. RBC Royal Bank can finance 100% through ‘Fondo di Garantia’. The maximum loan term is 30 years, depending on your age.

Can my partner’s income be included as well?

We can include it, should you wish that.

Is any security required?

Yes, the house is required as security. Besides, your salary must be automatically transferred to the RBC Royal Bank and a Life Insurance policy plus an extensive Fire Insurance policy must be in place. These products are also available at our bank.

How much is the interest and how is it calculated?

The interest rate is determined based on the market situation at the beginning of the loan. The interest rate remains fixed until further notice. It is calculated on a daily (balance) basis and you will be debited on a monthly basis. The calculation of the interest is based on the annuity method.

Will there be any costs involved when applying for a RBC Royal Bank Mortgage Loan?

Yes, you will pay 1.5% closing commission on the amount (minimum of AWG 500), the notary costs to establish the mortgage plus the costs of “Fondo di Garantia” (if applicable).

What will my monthly installments be?

The installments depend on the loan term, the amount of the loan and the interest rate. The loan term and installments are stipulated in the contract and will not change until further notice.

Will it be possible to use the surplus value of my house for other purposes?

Yes, you may use the surplus value of your house for other purposes such as financing the education of your child.

When buying a new house, who will appraise its value?

At the RBC Royal Bank we have a list of accepted appraisers from which you may choose. The costs of the appraisal will be for your own account.

What do I have to bring to apply for the RBC Royal Bank Mortgage Loan

To apply you need to bring the following:

• A valid identification
• Last two pay slips if you receive a monthly salary
• Last four pay slips if you receive a bi-weekly salary
• Audited Financial Statements for the last 3 years if self employed 
• Recommendation letter from your employer
• Appraisal report not older than 6 months
• Constructors quotation or purchase agreement
• Deed of property (if applicable)
• Agreement of sale (if applicable) 

Additional requirements when constructing a home:

• Approved building plans
• Builder's/Contractor's estimate
• Current valuation report
• Valuator's/Quantity surveyor's progress report during the term of construction

Are you interested or do you need additional information?
For more information please visit us at one of our branches or contact our RBC Royal Bank Service Line at 588.01.01.