Loans
are available for a period of 36 months with 25% down payment,
24 months with 40% down payment or 18 months at 50% down payment.
Interest is charged on the unpaid balance at 9.9% to 5.9% per
annum depending on the amount of down payment received from
the purchaser. (See sample BAL monthly amortization schedule
below, which assumes all payments are made on a timely basis).
From each payment received, interest is deducted based
on the number of days since the last payment was received and
the balance of the payment is applied to reduce principal. Payments later than 30
days will be charged a late fee before
a balance is applied to reduce principal
18 Months |
5.9% per annum |
50% Down payment |
24 Months |
7.9% per annum |
40% Down payment |
36 Months |
9.9% per annum |
25% Down payment |
| |
| Example
1: Lot price at £14,500. |
1 |
Cash Price |
£14,500.00 |
£14,500.00 |
£14,500.00 |
2 |
Down Payment |
£3,625.00 |
£5,800.00 |
£7,250.00 |
3 |
Unpaid Balance |
£10,875.00 |
£8,700.00 |
£7,250.00 |
4 |
Interest |
£1,739.28 |
£733.99 |
£343.36 |
5 |
Monthly Payments Total |
£12,614.28 |
£9,433.99 |
£7,593.36 |
6 |
Deferred Payment Price |
£16,239.28 |
£15,233.99 |
£14,843.36 |
7 |
Monthly Payment |
£350.47 |
£393.10 |
£421.81 |
8 |
Number of Payments |
36 |
24 |
18 |
| |
| Example
2: Lot price at £60,000. |
1 |
Cash Price |
£60,000.00 |
£60,000.00 |
£60,000.00 |
2 |
Down Payment |
£15,000.00 |
£24,000.00 |
£30,00.00 |
3 |
Unpaid Balance |
£45,000.00 |
£36,000.00 |
£30,000.00 |
4 |
Interest |
£7,197.00 |
£3,037.20 |
£1,420.80 |
5 |
Monthly Payments Total |
£52,197.00 |
£39,037.20 |
£31,420.80 |
6 |
Deferred Payment PRice |
£67,197.00 |
£63,037.20 |
£61,420.80 |
7 |
Monthly Payment |
£1,450.20 |
£1,626.60 |
£1,745.40 |
8 |
Number of Payments |
36 |
24 |
18 |
Conveyance Cost
Stamp
duty is paid to the public treasury when we send your deeds
to be recorded.
Government Stamp
Duty
Up to and including $20,000 – 2%
From $20,000.01 to $50,000 - 4%
From $50,000.01 to $100,000 - 6%
From $100,000.01 to $250,000 - 8%
Over $250,000.01 – 10%
Recording
fees - £65 - paid to the Registrar General, when we
send your deed to be recorded.
Notarization
fees - £30 – paid to the local island administrator,
of Justice of Peace, for their signatures that are requiree
on the deed and for handling fees.
Certificate
of title registration - £53 – paid to the public
treasury in 2 stages
Legal
fees for recording and handling - £75. Paid to the
attorney for Bahama Acres Ltd for reviewing and signing
your deed, submitting your application package to the investment
board, obtaining central bank approvals when necessary and
following up with those government agencies. |
