Home Loan
A home loan is a mortgage that enables you to own a house for residential use. The loan may also be used to finance improvement or refurbishment of a house you already own. It may also be used to buy out or transfer an existing mortgage from another bank. It is available for both salaried or self-employed customers. We also provide it under scheme where customers can access the loan through their organisation.
Benefits of a Home Loan
Dedicated Support
Call 247 toll free to get assistance if you have not received your Top up offer
Power of Choice
Choose from 3 Home loan options depending on your ambition
Loan Insurance
You get a loan protection plan which covers you in case of death or permanent disability
Flexible
Choose to pay back between 7 to 20 years and depending on your income
How to get it
- National ID
- Contract Agreement if employed on contract.
- Letter of Introduction and letter of undertaking from the employer.
- Latest pay slip.
- Title Deeds for the House.
- Bank Statements from your current Bankers for a period of 6 months if not banking with Standard bank. These should be duly endorsed by the Bank.
- Application Document (The Bank will provide the document)
- Formal application letter to the Bank seeking finance.
- Any utility bill (Water or Electricity).
- Copy of the Business Certificate if the loan will be serviced by the Business.
- Financial Statement if the business will be servicing the loan.
What it costs
- Arrangement fee of 2% of loan min MK55,000.00
- Processing fee MK65,000.00
- Interest rate is at base rate
- Valuation, Legal, Search and transfer costs to be paid by applicant
Insurance
- Monthly premium on Mortgage Protection Cover (life policy) is calculated as 0.17625% of loan value and is recovered together with the monthly loan repayments.
- Annual premium on Home Owners Comprehensive Policy (property policy) is calculated as 0.132% of property value and is payable annually.
- Free cover limit is up to MK15, 000,000-00. Amounts accessed beyond this limit will require medical tests.
Repayment conditions
- Direct deduction at source by the employer and remitting the installments as a lump sum amount to the bank on an agreed date.
- Monthly deductions by the bank on agreed date for customers whose main account is with Standard Bank
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How to get it
-
What it costs
-
Insurance
-
Repayment conditions
- National ID
- Contract Agreement if employed on contract.
- Letter of Introduction and letter of undertaking from the employer.
- Latest pay slip.
- Title Deeds for the House.
- Bank Statements from your current Bankers for a period of 6 months if not banking with Standard bank. These should be duly endorsed by the Bank.
- Application Document (The Bank will provide the document)
- Formal application letter to the Bank seeking finance.
- Any utility bill (Water or Electricity).
- Copy of the Business Certificate if the loan will be serviced by the Business.
- Financial Statement if the business will be servicing the loan.
- Arrangement fee of 2% of loan min MK55,000.00
- Processing fee MK65,000.00
- Interest rate is at base rate
- Valuation, Legal, Search and transfer costs to be paid by applicant
- Monthly premium on Mortgage Protection Cover (life policy) is calculated as 0.17625% of loan value and is recovered together with the monthly loan repayments.
- Annual premium on Home Owners Comprehensive Policy (property policy) is calculated as 0.132% of property value and is payable annually.
- Free cover limit is up to MK15, 000,000-00. Amounts accessed beyond this limit will require medical tests.
- Direct deduction at source by the employer and remitting the installments as a lump sum amount to the bank on an agreed date.
- Monthly deductions by the bank on agreed date for customers whose main account is with Standard Bank