The Construction and Housing Development Bank is now offering loans to home buyers and builders at 12 per cent interest plus a one per cent service fee.
“We are financing both buyers and builders. Savings accounts must be opened at the bank to apply for a 13 per cent interest loan. Some purchasing documentation from both parties (buyers and sellers) is required to get a loan approved,” an official from the bank said.
The bank has not put a limit on loan amounts for individual borrowers, but it will consider each borrower’s credit limit.