Our sales professionals will guide you through the mortgage process while ensuring your needs are met.
We offer a range of mortgage financing options including:
Purchase of Residential Property
Residents
- At RBC, as a resident, you can obtain a mortgage for the purpose of purchasing an owner occupied residential property, including: townhouses and condominiums.
- Financing is available for up to 90%, depending on where the property is located, therefore a minimum down payment of 10% is required.
- Up to 95% financing is available therefore a minimum down payment of 5% is required.
- Amortized monthly payments of principal and interest can be granted for up to 30 years (maximum term and age of client not to exceed government age of retirement).
- Options include weekly, bi-weekly and monthly payments.
Purchase of Residential Lots
- At RBC, you can obtain a mortgage to purchase residential lots in government approved subdivisions for the purpose of eventually constructing an owner occupied home.
- Up to 80% financing is available; therefore a minimum down payment of 20% is required.
- Financing is available for up to 90% (with Mortgage Indemnity Insurance), therefore a minimum down payment of 10% is required.
- Financing is available for up to 90%, depending on where the property is located, therefore a minimum down payment of 10% is required.
- Amortized monthly payments of principal and interest can be granted for up to 15 years (maximum term and age of client not to exceed government age of retirement).
Requirements
Collateral:
- Registered First Mortgage
- Assignment of life insurance policy for an amount not less than the mortgage amount
Documents:
- Agreement for Purchase/Sale
- Valuation Report
- Bank reference
- Employment Letter
- Two forms of picture ID
- Proof of current address
- WASA Clearance Certificate and up to date land and building taxes
Construction/Renovation
RBC offers financing to build or undertake major renovations for owner occupied residential property.
This type of mortgage is set up as an interest only facility during the stages of construction.
During the period of construction (maximum of 1 yr), the client can draw down balances in pre-determined phases as needed up to the approved limit. Upon completion, the final amount will be converted to a residential property mortgage with monthly blended installment of principal and interest.
Amortized monthly payments of principal and interest are granted for up to 30 years (maximum term and age of client not to exceed government age of retirement).
Requirements
Collateral:
- Registered First Mortgage
- Contractors' All Risk Policy
- Assignment of Life Insurance for the mortgagor(s)
Documents:
- Approved Plans - Town and Country
- Builder's estimate and references
- Most recently paid WASA bill (for renovations only)
- Valuation Report (to be requested by our Mortgage Specialist)
- WASA Clearance Certificate (for construction only)
For further details please refer to the following:
- Residential Mortgage Checklist
- Non-Residential Mortgage Checklist
Utilization of Equity
At RBC, you can utilize the equity that has been built up in your property for your goals including: Home Improvements, Debt Consolidation, Investments, Educational, or Medical expenses with the supporting collateral being a mortgage over the property.
RBC financing is available for up to 80% of the value of the property.
RBC financing is available for up to 90% of the value of the property, depending on its location.
Amortized payments of principal and interest are granted over the term of the debt.
Maximum term of loan is 30 years (not to exceed government age of retirement).
Requirements
Purchase of residential property and residential land:
Collateral:
- Registered First Mortgage
- Assignment of life insurance policy for an amount not less than the mortgage amount
Documents:
- Agreement for Purchase/Sale
- Valuation Report
- Bank reference
- Employment Letter
- Two forms of picture ID
- Proof of current address
- WASA Clearance Certificate and up to date land and building taxes
Construction/Renovation:
Collateral:
- Registered First Mortgage
- Contractors' All Risk Policy
- Assignment of Life Insurance for the mortgagor(s)
Documents:
- Approved Plans - Town and Country
- Builder's estimate and references
- Most recently paid WASA bill (for renovations only)
- Valuation Report (to be requested by our Mortgage Specialist)
- WASA Clearance Certificate (for construction only)
For further details please refer to the following:
- Residential Mortgage Checklist
- Non-Residential Mortgage Checklist
Investment
At RBC, you can obtain a mortgage to finance the purchase of a non owner occupied residential property for investment purposes, to build or undertake major renovations or to refinance a mortgage on an owner occupied property.
A minimum down payment is required.
Amortized monthly payments of principal and interest can be granted for up to 20 years (maximum term and age of client not to exceed government age of retirement).
A minimum down payment is required.
Amortized monthly payments of principal and interest can be granted for up to 15 years (maximum term and age of client not to exceed government age of retirement).
Requirements
Purchase of residential property and residential land:
Collateral:
- Registered First Mortgage
- Assignment of life insurance policy for an amount not less than the mortgage amount
Documents:
- Agreement for Purchase/Sale
- Valuation Report
- Bank reference
- Employment Letter
- Two forms of picture ID
- Proof of current address
- WASA Clearance Certificate and up to date land and building taxes
Construction/Renovation:
Collateral:
- Registered First Mortgage
- Contractors' All Risk Policy
- Assignment of Life Insurance for the mortgagor(s)
Documents:
- Approved Plans - Town and Country
- Builder's estimate and references
- Most recently paid WASA bill (for renovations only)
- Valuation Report (to be requested by our Mortgage Specialist)
- WASA Clearance Certificate (for construction only)
For further details please refer to the following:
- Residential Mortgage Checklist
- Non-Residential Mortgage Checklist
Residential Real Estate Mortgage Market Guideline
This is a Central Bank of Trinidad & Tobago (CBTT) issued Guideline which specifies a minimum set of information that commercial banks must provide to mortgagors on the terms and conditions of their mortgage contracts. The Guideline also introduced a new reference rate- the residential Mortgage Market Reference Rate (MMRR) which is computed quarterly by the CBTT. As a result, the actual mortgage rate charged to consumers is the most recent MMRR plus a margin determined by the commercial banks.
Guidelines:
- Residential Real Estate Mortgage Market Guideline
- Residential Real Estate Mortgage Market Guideline FAQ’s
Further information can also be obtained from:
Loan & Mortgage Payment Calculator
FAQs
You can apply for mortgage financing for any of the following purposes:
- Purchase of your new home
- Purchase of residential land
- Construction of your home
- Home renovation
- Consolidation of debts
- Investments
- Education
- Medical expenses
- Gainfully employed (salaried / self-employed)
- Good credit history
- Total loan / rent payments, inclusive of the proposed mortgage should not exceed 40% of your gross income
- The loan must be repaid by government age of retirement, however special conditions apply.
- 2 Forms of identification
- Current job letter & most recent pay slip / audited financial statements for the last 3 years (if self–employed)
- Please see our Mortgage Checklist for further details.
This depends on your specific needs, so contact us or get started by completing our Prequalification Tool.
- Facilitates acquisition of a home where you would otherwise have to utilize savings
-
Homes typically increase in value over time, building valuable equity for the homeowner which will result in significant benefits including:
- The equity will typically provide homeowners with a net profit on the sale of their homes
- Homeowners can increase borrowing power by utilizing equity to finance key needs such as education, home improvement projects or for major purchases, emergencies or investment property
Yes. You may enter a mortgage as an individual or with one or more persons.
Yes, lump sum payments can be made towards your RBC Mortgage.
| Type of Payment | Description |
|---|---|
| Partial Prepayment |
One (1) annual lump sum payment of up to 20% of the original Loan Amount is permitted. Any partial prepayment in excess of 20% will attract an additional payment of six (6) months interest.
All prepayments must be made on a regular payment date. |
| Full Prepayment (Early Liquidation) | Permitted, provided you make an additional payment of six (6) months interest. |
Making lump sum payments to the mortgage, and specifying that the funds are to be applied to the principal, will reduce the term of the loan. Early re-payment will reduce the amount of interest paid to the bank.
Example:
| Mortgage Features | Standard Mortgage Financing Option | Early Pre-payment Option |
|---|---|---|
| Mortgage financing amt. | $900,000 | $900,000 |
| Tenor | 25 years | 25 years |
| Monthly Payments | $5,937 | $5,937 |
| Annual lump sum payments made | $0.00 | $10,000 |
| Total number of monthly payments | 300 | 229 |
| Total interest paid | $881,107.32 | $646,631.94 |
| Total interest savings | $0.00 | $234,475.38 |
Yes. If you wish to prepay an amount in excess of 20% of the original loan amount or make more than one lump-sum payment over the course of 12 months, you will incur a prepayment charge equal to six (6) months interest. You will also be required to contact your mortgage officer to inform of your intent to settle the loan prior to the payment date.
Resources
- Mortgage Appointment Checklist (PDF opens in new window)
- Mortgage Appointment Checklist (PDF opens in new window)
- Approved List of Attorneys (PDF opens in new window)
- Mortgage Appointment Checklist (PDF opens in new window)
- Mortgage Appointment Checklist (PDF opens in new window)
- Mortgage Appointment Checklist (PDF opens in new window)
- Mortgage Appointment Checklist (PDF opens in new window)
- Mortgage Appointment Checklist (PDF opens in new window)
