The target market comprises of middle and upper classes especially business executives, middle management, senior staff of the civil service, oil and gas, banks, traders and business men and women.

Features:

• Ten years tenor or less.
• Flexible means of repayment: monthly, quarterly or lump sum payment of principal + interest.
• Payment can be made by cash, cheque, direct debit/standing order from any bank or direct deduction from employee’s salary.
• Monthly repayments should not exceed one-third of customer’s salary/income.
• No further collateral required.
  - Build up 20% of their equity contribution in 6 months before applying for loan.
  - Build up 30% of equity contribution in one year before applying for loan.
  Loan applicants without previous account relationship with DM Ltd are required to provide lump sum 40% equity contribution for immediate loan processing.

What to do:

• Open a Diamond Mortgages Home Ownership Account.
• Application must be made on a prescribed mortgage loan application form.
• Personal profile of applicant.
• Three passport-sized photographs of loan applicant.
• Past 3 years income tax clearance certificate.
• Have a satisfactory evidence of regular flow of income to guarantee loan repayment 
   – include past three months pay slips. Statement of account, cash book/cash flow projection of a business, Audited Accounts for three years, Management Account for 6 months
• 20% equity contribution.
• Submit photocopies of valid title documents to land. Viz; Deed of 
    sublease/assignment of certificate of occupancy (C of O)
• Valuation report is required for buying an existing building.
• An approved building plan.Approved survey/site plan.
• Priced Bill of Quantities bearing the stamp, seal and signature of a registered
• Quantity Surveyor where applicable.
• Valuation report prepared by a firm of registered surveyors.
• Letter of introduction from employer stating present position and annual emolument.
• Letter of undertaking from employer:
  - To communicate current terminal benefit to Diamond Mortgages Ltd.
  - To remit monthly repayment (optional) and if employment ceases, part or whole of terminal benefit will be remitted to liquidate facility.
    In case of buying existing property:
  - Offer letter from vendor.
  - acceptance of Offer by Buyer
  - Submit letter of allocation (For Government Houses/Developers Estates).
  - Deed of Sale between Vendor and Purchaser which includes the clause that the
  Vendor will execute a Deed of Assignment upon receipt of balance of payment.
  - Letter of commitment from vendor to deliver title documents directly to Diamond
  Mortgages Ltd upon final payment.
  - On approval of the facility, Vendor and Purchaser will come to DML for the exchange of Draft with the Original Title Documents and execution of the Deed of Assignment
  

Benefits:

• Interest to be paid on the balance on customer’s DML account.
• Long tenor to ease repayment burden.
• Flexibility of repayment options.
• Beneficiaries can also access the NHTF loan scheme to supplement if they are 
  contributors.