Mortgage insurance
In general you can borrow up to 100% of the market value of the mortgaged property as detailed in an appraisal report, depending on the particulars of the case. If the maximum amount you can borrow from the bank is less then the loan amount you require and you comply with the relevant conditions, you can obtain the full 100% financing with mortgage insurance from Fondo di Garantia pa Bibienda Kòrsou (FGBK).
Under this program CHB is protected against default risk up to the guaranteed amount. The maximum guarantee is 30% of the loan, up to an amount of ANG 60,000. The premium for this insurance is non recurrent and is paid for by you at the passing of the mortgage deed.
When the occasion arises, CHB will consider and decide whether the loan is extended with a guarantee of FGBK. In case a guarantee of FGBK is accepted, CHB will lend the whole amount of the loan to the borrower which then includes the guarantee of FGBK. Should CHB need to claim the guarantee in case of default by the borrower, this will be a matter between the CHB and FGBK only.
