Many banks in the United States are rolling out programs to offer jumbo loans for construction and purchase of houses in the country.
Leading among them is Bank of America, which is going to offer loans from $730,000 to $1.5 million at a fixed rate of 6 percent for a repayment period of 30 years.
However, the borrowers have to make a 20-percent down payment in order to avail the benefit of this loan scheme.
The Bank of America also requires the borrowers to have good credit and to provide proof of income besides holding principal, interest, property tax and insurance payments for six months in reserve.
ING Group's ING Direct unit and Luxury Loans of San Diego are the other banks to offer jumbo loans in the United States of America.