Residential Loans

As part of the Bank's support to its member countries, one of its products is residential home loans. Its objective is to contribute to improved standard of living and quality of life of citizens of member countries through direct financing of residential homes including purchase of existing properties. Following are the specific general information about our residential home loans.

Minimum Loan Amount: $10,000

Maximum Loan Amount: $200,000

Eligible Borrowers: Citizens of PIDB Member countries (Guam, CNMI, Palau, Chuuk, Kosrae, Pohnpei, Yap)

Interest Rate: 7%

Loan Repayment Term: 30 years maximum

Eligible Expenses: Purchase existing property, construction materials, services, labor, and related costs for building new property, renovation of existing homes

Prior Requirements: Architectural plans and specifications for the building; builder's cost quotation; valuation on an "as completed" basis; first time home-owner occupied; in the event of relocation, can rent out

Collateral Required: First registered mortgage or Deed of Trust as applicable; spouse to be co-borrower or guarantor; other personal assets with value; other securities as may be required by the bank

Loan Fee: 1% of loan amount

Closing costs: borrower will be responsible for all closing costs; may be added to loan