BSP's home loan application requirements for the Housing Scheme are:
a. Requirements to purchase a newly constructed home built not more than six months old:
A fully completed BSP First Home Loan Application;
- Three (3) latest pay slips (provide employment contract if applicable)
- Letter of Offer disclosing the selling price of the property under purchase
- Acceptance of letter of offer from vendor
- Copy of the Title Deed
- Bank statement or other financial statement showing regular income received in the last three months if account is held with another bank or financial institution;
- Confirmation letter of employment from employer disclosing salary and housing allowance (if any) or copy of contract of employment (if employment is on contract basis);
- Evidence and proof of 10% equity
- A statutory declaration sworn by the applicant for a home loan declaring that they and/or their partner/spouse do not own individually or jointly with themselves or any other person any home or Land under a State Lease and that they are first home buyers;
- If the applicant does not have a BSP account, he/she will be required to establish such an account with BSP before making an application; and
b. Requirements to construct a home for owner occupancy comes with conditions such as
- Building plans/specifications
- Building plans must be approved and stamped by the Building Board, Water and Sewerage, Fire and Electricity Authorities
- Engagement of Certified Contractor:
Provisions of Builders Insurance Policy Covering:
- Worker's compensation insurance
- Contractors all risk insurance - with BSP's name included
- Public Liability Insurance
- Insurer must be an approved BSP insurer
- Building Board Approval
- Copy of quotations and copy of work plan
Loan proceeds will be released progressively upon certification of the work completed
