Question 1

First Home Ownership Scheme (FHOS) Loan - What do I need to provide when applying for a First Home Ownership Scheme Loan?

Accepted Answer

BSP's home loan application requirements for the Housing Scheme are:

a. Requirements to purchase a newly constructed home built not more than six months old:

A fully completed BSP First Home Loan Application;

Three (3) latest pay slips (provide employment contract if applicable)
Letter of Offer disclosing the selling price of the property under purchase
Acceptance of letter of offer from vendor
Copy of the Title Deed
Bank statement or other financial statement showing regular income received in the last three months if account is held with another bank or financial institution;
Confirmation letter of employment from employer disclosing salary and housing allowance (if any) or copy of contract of employment (if employment is on contract basis);
Evidence and proof of 10% equity
A statutory declaration sworn by the applicant for a home loan declaring that they and/or their partner/spouse do not own individually or jointly with themselves or any other person any home or Land under a State Lease and that they are first home buyers;
If the applicant does not have a BSP account, he/she will be required to establish such an account with BSP before making an application; and

b. Requirements to construct a home for owner occupancy comes with conditions such as

Building plans/specifications
Building plans must be approved and stamped by the Building Board, Water and Sewerage, Fire and Electricity Authorities
Engagement of Certified Contractor:

Provisions of Builders Insurance Policy Covering:

Worker's compensation insurance
Contractors all risk insurance - with BSP's name included
Public Liability Insurance
Insurer must be an approved BSP insurer
Building Board Approval
Copy of quotations and copy of work plan

Loan proceeds will be released progressively upon certification of the work completed

Question 2

First Home Ownership Scheme (FHOS) Loan - How can I source my 10% equity?

Accepted Answer

The equity can be sourced from personal savings, stocks, bonds, term deposits, proceeds from sale of personal property, Superannuation assistance (housing advance) and assistance form employer by way of Home Ownership grants. Borrowing to raise equity is not allowed.

Question 3

First Home Ownership Scheme (FHOS) Loan - Who is eligible?

Accepted Answer

The eligible persons for the FHOS is any natural born Papua New Guineas who are employed either in the public service or private sector and who with their partners (married or defacto) do not own or part own any property on state leased land.

Question 4

First Home Ownership Scheme (FHOS) Loan - Can I build on traditional land?

Accepted Answer

No, The FHOS loan is for the purpose of constructing a property on a State Lease land or the purchase of a newly constructed property on a State Lease land.

Question 5

First Home Ownership Scheme (FHOS) Loan - What fees are to be charged for this product?

Accepted Answer

The only bank fee that will be charged for this product is the 1% establishment fees. All other bank fees will not be charged.

Government and statutory fees are still applicable. I.e. National Land rental, insurance, provincial government charges and Department of Lands charges etc.

Question 6

First Home Ownership Scheme (FHOS) Loan - Am I eligible if my name is not registered on an existing state lease title owned by my partner?

Accepted Answer

If your partner (either de facto or married) owns an existing property either individually or jointly you are not eligible for FHOS.

Question 7

First Home Ownership Scheme (FHOS) Loan - Am I eligible if I have bank accounts with another Bank?

Accepted Answer

Yes, provided that you transfer your primary salary account to Bank of South Pacific and also provide a bank statement indicating showing the transactions for the last 3 months as well.

Question 8

First Home Ownership Scheme (FHOS) Loan - Can I re-finance my outstanding home loan?

Accepted Answer

No, this is not a re-financing loan.

Question 9

First Home Ownership Scheme (FHOS) Loan - Can I apply as a joint borrower?

Accepted Answer

Yes, provided that you and your co-borrower do not already own State Lease properties either individually or jointly.

Question 10

First Home Ownership Scheme (FHOS) Loan - Is Bank of South Pacific providing land and building contractor?

Accepted Answer

No, the land and the building contractor have to be provided for by the client. The builder contractor has to meet the conditions and requirements set out by BSP.

Question 11

First Home Ownership Scheme (FHOS) Loan - What are the conditions and requirements for building contractors?

Accepted Answer

These are the conditions that the building contractor must meet:

Building plans/specifications
Building plans must be approved and stamped by Build Board, Water and Sewerage, Fire and Electricity Authorities
Engagement of Certified Contractor
Provisions of Builders Insurance Policy Covering:
Worker's compensation insurance
Contractors all risk insurance - with BSP's name included
Public Liability Insurance
Insurer must be an approved BSP insurer
Building Board Approval
Copy of quotations and copy of work plan

Question 12

Personal Property Investment Loan - How much cash do I contribute as equity when I want to borrow to purchase a residential investment property?

Accepted Answer

You will be required to contribute 30% of the purchase price of the proposed property as your equity contribution.

Question 13

Personal Property Investment Loan - Can I walk into any BSP branch and lodge my application for a Home Loan?

Accepted Answer

Yes you can, walk into any of our Branches and ask to speak to the Personal Lending Officer.

Question 14

Personal Property Investment Loan - Can I borrow from the bank and build my house on traditional land?

Accepted Answer

No, you can only borrow from the Bank if are building your home on State Lease Land.

Question 15

Personal Loan - How much is my borrowing limit?

Accepted Answer

Depending on how much you earn and your ability to finance your dream home through a loan, borrowing limits can vary per person. Before applying for a loan though, you can use one of our tools to check how much you need to prepare first. Or we can also connect you to our network of lenders who are more than willing to personalize a loan package for you.

Question 16

Personal Loan - How do I choose the loan that’s right for me?

Accepted Answer

Visit our loan classifications guide to get more information on what types of loans are available in Cambodia. There are literally hundreds to choose from. If that doesn’t cover your concerns, we’re more than happy to help you get in touch with the right lenders to give you a detailed explanation.

Question 17

Personal Loan - How much do I need for a deposit?

Accepted Answer

In Cambodia, you normally have to pay a 10% deposit after you’ve done your due diligence. Get a hold of us now and we’ll make sure to connect you with someone who can discuss the process and prices, along with your borrowing options!

Question 18

Personal Loan - Regular repayments cost how much?

Accepted Answer

Variations in loan terms and rates affect how much repayments you make. Reach out to us today and we’ll quickly connect you to a range of partner lenders offering customized repayment packages, depending on your needs.

Question 19

Personal Loan - How often are home loan repayments usually made?

Accepted Answer

Lenders can be flexible regarding the frequency of repayment. But it’s advisable to take a loan that allows for a fortnightly or weekly payment because this reduces the time you have to pay back the loan and the amount you have to pay back.

Question 20

Personal Loan - Is there a special loan for first home buyers?

Accepted Answer

Unfortunately, Cambodia currently does not offer any special grants or loans for first home buyers. However, there is a wide range of loans available that our partner lenders can customize for your personal needs. Just drop us a message and we’ll connect you to the best lenders in the country.

Question 21

Personal Loan - What fees are associated with my purchase?

Accepted Answer

There are a number of fees involved when buying a property. To avoid any surprises, the list below sets out all of the usual costs:

Transfer Tax — Levied at 4% on the property’s assessed value. This is usually based on factors such as the land dimension, the land location, and the purpose of use.
Legal fees — Legal fees are usually at 0.20% to 0.50% of the total sales price. These usually include legal advice, property checks, and legal processing.
Property Tax — This tax is applicable for immovable properties which are priced $25,000 and above. It is collected yearly at 0.1% of the property.
Title Verification — Checking for potential liens or encumbrances under a title will cost you around $12.50, according to Prakas 995 which is dated December 28th, 2012.
Loan Processing Fee — Lenders will charge appropriate fees to cover the charges incurred for valuation and processing of the loan.
Application For Registration — Done at the District Land Office of the Ministry of Land Management, Urban Planning & Construction, you must pay a cadastral transfer fee of KHR 600,000 in order to insert the name of the new owner on the legal documents.
Property Insurance — Although not required, getting additional insurance for the property will help you safeguard your investment towards the property just in case calamity strikes or something suddenly goes wrong.
Ongoing costs — This includes maintenance fees, repair costs, and bills such as internet, electricity, and water. Also prepare for any future renovations you may want if you’re going to purchase the property.

Search by Property

Search by Location

Guides

Search by Property

Search by Location

Guides

Latest Real Estate News

Property and Lifestyle Guides

Directory

Services

Guides

THE RIGHT HOME LOAN FOR YOU

About Financing

Choose the loan type that best suits you

Get your finance sorted with our banking partners: