This is a medium-to-long term housing finance product targeting salary earners as well as economically active rural and urban low, middle and high regular income earners engaged in self-employment. The loan can be used for the purpose of financing housing needs through purchase, construction or completion.
Benefits
- Short and straight forward processing within seven working days
- Comparatively low interest
- No monitoring fees charged
- Long loan periods of up to 10 years
- Flexible repayment plan
- Helps the borrower acquire their residential houses or additional houses for personal / family income
Requirements
- Completed online application
- Payment of mortgage processing fees
- Financial card
- Residence within the bank’s area of operation
- Eligible adult should not be more than 55 years at the time of application
- Existence of verifiable source(s) of income
- Borrower’s contribution of at least 30% of the total housing project cost
- Proof of property ownership – genuine land title or copy of certificate of title for the property to be purchased or developed
- Valid identity documents
- Most recent passport photos (2)
- Bill of Quantities (BOQ) for the house in the case of construction
- Approved architectural design for the house in case of construction
- Loan to value ratio of at most 80%.
- Eligible property – single family and multi-unit homes
