Stanbic Bank
Stanbic Bank offers mortgage finance to individuals for the acquisition of completed houses and for building extensions and renovations. In order for us to make an assessment of your application, we kindly request that you submit the following information through your Stanbic Bank Branch Customer Consultant :
- COMPLETED HOUSES
- Completed home loan application form
- Non-refundable application fee of $25.00
- Copy of title deed
- Agreement of sale ( you are encouraged to include to include a clause that states that the sale is subject to approval of the loan by a financial institution )
- Certified copy of identification document ( maximum age at maturity of loan 60 years )
- Personal balance sheet
- Letter confirming employment/contract ( The letter should confirm the following; Position – whether permanent or contract, and an undertaking that the employer will pay the employee’s salary until the loan is fully paid as the applicant is in the employee of the company )
- Minimum duration of employment is 12 months with same employer
- Current pay plus 2 previous
- Proof of extra income if applicable
- Salary/income must be deposited through Stanbic Bank for a minimum of 12 months
- 6 months banks statements ( other than Stanbic if applicable )
- Proof of residential address
- Valuation report
- Copy of approved plan
- BUILDING EXTENTIONS / RENOVATIONS :
In addition to the above;
- Approved plans
- Bill of quantities and quotations from building contractors
- Rates clearance certificate
LOAN TERMS
- Maximum loan period is 20 years
- Minimum deposit is 30%
- Monthly repayments should not exceed 30% of net salary / income
- Interest is calculated at Stanbic Base rate (1.85%) plus 14% p.a
- Once off establishment fee of 4% of loan amount payable upfront
- Mandatory property insurance cover through the Stanbic Bank Bancassurance scheme
- Mandatory loan protection insurance through the Stanbic Bank Bancassurance scheme
- Registration of a mortgage bond
UPFRONT COSTS
The borrower should have funds to meet the following costs;
- Stamp Duty ± 3 %
- Conveyancing fees ± 4 %
- VAT 15 % of the conveyancing fees
- Sundries ± $ 200.00
- Bond registration costs ± 4 % of bond value
- Valuation fees up to 1% of loan approved
- Facility / Establishment fees 4 % once off
- Application fees $25.00
- Loan protection 1.51 %
- Property Insurance 0.12 %
Do need time to raise the deposit? Please follow the following steps;
- Determine loan qualification and deposit requirement with the help of your banker or Home Loans department
- Indicate period required to raise the deposit
- Please open a Plus Plan Saving account to use for raising the deposit
- Start searching for a property factoring the period you will take to raise the deposit. The property has to be within the range as per loan qualification above
- TERMS AND CONDITIONS APPLY
MBCA
- TERMS AND CONDITIONS
| Property Type | Interest rate |
| Residential high density | 12 % p.a |
| Residential medium/ low density | 14 % p.a |
| Loan Term | Up to 20 years in line with retirement age |
| Minimum loan amount | USD 25 000 |
| Maximum loan amount | USD 250 000 |
| Minimum salary | USD 1 350 |
| Repayment to income | 25 % OF MONTHLY GROSS SALARY/ INCOME |
| Valuation fees | PAID UP FRONT. Valuation to be done by bank appointed valuers |
| Bank statements | 6 months bank statement (stamped) by issuing bank where salary has not been coming through MBCA for less than 3 months |
| Arrangement fees | 1.5% of the loan amount to be capitalized |
| Home loan application fee | USD 100 to be paid by the customer upon submission of application |
| Home owners insurance | Factored in monthly mortgage instalment |
| Home loan life protection | Stop orddercalculated on Loan balance *0.95/1000 (single life) loan balance *1.6/1000 ( joint accounts) |
REQUIREMENTS – Individual
- Salary/ income from formal employment coming through MBCA for at least 3 months
- One passport sized photo, taken within six months of application
- Proof of current residence ( utility bill/ credit bill/ lease agreement / letter from employer (on letterhead)
- Certified copy of National ID / Valid passport / Drivers licence
- Proof of income – latest payslip (original)
- Letter from employer confirming employment, job title, length of service. Salary and retirement age
- Agreement of sale 2 copies ( original plus a copy )
- Copy of Title deed
- Proof of availability of 25% of the purchase price as deposit ( should reflect inn MBCA Savings/ current account) at the time of application
- Proof of ability to pay for conveyancing fees. Funds should be in MBCA account ( appproxinately 13% of loan amount)
- Deposit of 60% of purchase price
ZBbank
- Ones salary to go through ZB Bank Account
- Minimum amount $ 10 000
Tenure (max) 10 years
Interest 15% to p.a
- Cllient to raise 25% 0f the deposit
- Bank 75%
- Finance
*Building of a house from stand level to completion
* Stand needs to have an approved stand
*Purchase of a house
CBZ BANK LIMITED
A savings account that contributes 50% towards your dream house! Welcome to the CBZ CashPlus Housing Savings Account, the perfect savings partner that helps homeowners get onto the property ladder.
Simply save 50% or more towards the purchase or construction price of your home and CBZ Bank will provide you with the other 50% in the form of a mortgage plan. Its the perfect solution to your housing needs.
Benefits you can bank on :
- Available to individuals only
- Minimum balance of $50
- No withdrawals allowed before 12cmonths
- Client to make regular deposits into the account
- Minimum investment period of over 12 months
- Competitive interest rates of up to 8% p.a
- FREE BANKING
- Mortgage finance – loan tenures from up to 2 to 10 years
- Interest paid monthly
- No service fees
- No maintenance fees
- No withdrawal fees
What you will need
Opening a CashPlus Hoousing Savings Account couldn’t be easier. Simply visit any CBZ branch and complete an account opening form, making sure you bring the following document documents with you ; ° Copy of your ID
° Proof of residence
° 2 passport sized photos
