а)    To have a commercial home loan insured by the NMIC the following documents should be provided:

  • the loan application form;
  • borrower’s/co-borrower’s personal identity card or any other document with a photo (passport, driving license, etc.);
  • borrower’s/co-borrower’s Proof of Employment and Income;
  • borrower’s/co-borrower’s Credit Bureau Report;
  • either a court-validated home purchase contract or a preliminary contract,  not necessarily validated in court;
  • either a B/Q and cost estimate or a contract with the developer, if applying for a home construction/adaptation loan, and a valid building permit if applying for a home construction/renovation loan;
  • a home purchase/alteration/construction loan;
  • a land registry or cadastre certificate or a mortgage title deed issued by the related municipal authority and validated in court;
  • competent authority’s building work commencement notice/acknowledgement of the received documentation or a site/building permit  and a title deed (the chain of title to the property) if buying unregistered property;
  • mortgaged property valid estimate issued by the chartered surveyor acceptable for both the bank and the NMIC (if the property is unregistered, the estimate must contain the details on the level of completion which must not be less than 80%, unless the property is under project financing) and the note on compliance with the construction drawings);
  • a valid mortgage deed or a valid  mortgage bond created in accordance with the Mortgage Law, with an acknowledge stamp from the registry office in charge;
  • a declaration of acknowledgement written by the mortgagor’ spouse that he/she is acquainted with the mortgage procedure;
  • property insurances policy assigned to the bank;
  • life insurance policy assigned to the bank if the borrower has one; 
  • a certificate of mortgage registration.

b)   To have a home loan with RS government subsidy (RS Programme of Home Loan Subsidies for Military Professionals in 2011) insured by the NMIC the following documents should be provided:

  • all the documents listed for commercial loan insurance;
  • the application form for RS government subsidy;
  • borrower’s statement under penalty of perjury that neither he/she nor his/her spouse own a dwelling, and if either or both of them own a real estate, a proof of paid property tax for the previous year;
  • the marriage certificate (if married);
  • a certificate issued by the competent Internal Revenue Authority for revenue/property assessment and control;
  • a statement signed by the senior officer in charge that the borrower waives the rights to re-file for solving his/her housing issue under the Defense Ministry’s Housing Regulation;
  • the evidence issued by the competent authority under the Ministry of Defense on the percentage of the budget means the borrower is entitled to.