Mortgage loans are generally structured as long-term loans, the periodic payments for which are similar to an annuity and calculated according to the time value of money formulae. The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years.
However, sources are telling VSBCnews that VEMACITY Bank is planning to start processing applications before construction start due to a general unwritten policy that will prevent banks in Mount Vema from accepting application for mortgage loans to people over 36 years of age.
The bank is encouraging its account holders to apply early to stand a chance due to the limited number of properties that will be built, and the price tag of a property in Mount Vema after the construction is completed. The bank according to one source, is telling its costumers to buy off-plan and hold on it before the big corporations with deep pockets take over the market.
VEMACITY Bank, is the Mount Vema retail bank that aims to be one of the leading consumer banks of the Kingdom of Mount Vema. It provides transactional bank accounts, savings account, and other banking services that includes credit cards, mortgages, personal loans, and individual retirement accounts to customers, who only need to prove to be an employee of a legal entity of Mount Vema to open a bank account. >>>
COUNTRY CODES IN USE
Mount Vema Country Code: OV / MOV
Mount Vema Numeric Country Code: 507
Currency Code: VSG
Top-Level Domain: .com, and .ov (proposed)
Proposed Telephone Country Code: +294
International Treaties – Ratified by the Kingdom of Mount Vema
Law of the Sea Treaty (United Nations Convention on the Law of the Sea)
MARPOL 73/78 (Convention for the Prevention of Pollution from Ships)
The Vienna Convention on Diplomatic Relations of 1961
The Vienna Convention on Consular Relations 1963