Stanbic Mortgage

by Sep 5, 2019

STANBIC Mortgage Scheme

Is a Fund facilitated Stanbic housing loan scheme that provides home loans to fund members. Maximum tenor is 20 years or years to retirement. Home loans are specifically provided for the following purpose(s);

  • To purchase completed properties;
  • To purchase vacant serviced stands with title deeds;
  • For building residential stands;
  • For home improvement.
  • To take over loan balances from ZEIPF or other institutions.

Summary terms and conditions

  • The Fund writes an introductory letter that accompanies the application form.
  • The Fund writes a letter confirming a member’s accumulated credit and this shall be ceded to Stanbic.
  • For loan entitlement and interest rates, please contact the Fund or Stanbic Bank (contacts below..)
  • Interest rates may be changed for both existing and new loans depending on the economic conditions or prevailing laws.
  • All mortgaged properties must have Title deeds.
  • Interested members should open a Current Account as per the Bank’s requirements for the purposes of loan disbursements and repayments or salary credits.
  • A first mortgage bond over an urban immovable property shall be used as security.
  • Mortgage protection insurance through Stanbic is compulsory.
  • Property insurance through Stanbic is compulsory.
  • No Deposit required.
  • Valuation and Establishment fees are incorporated in the loan.
  • Transfer and bond registration fees are incorporated in the loan.

Requirements for buying a house, vacant stand, building or home improvements

  • A duly completed Stanbic Home Loan Application Form.
  • Copy of Title Deed.
  • Certified copy of Identification Document (Max age at loan maturity 60 years).
  • Personal Balance Sheet.
  • Letter confirming Member’s employment/contract and undertaking to pay member’s salary to Stanbic Account.
  • Current payslip plus two previous payslips.
  • Proof of extra income if applicable.
  • Salary/Income must be deposited through Stanbic Bank.
  • Six months bank statements (other than Stanbic if applicable).
  • Proof of residential address.
  • Agreement of sale for purchase.
  • Valuation report.
  • Rates clearance certificate.
  • Copy of approved plan.
  • Bill of quantities and quotations from building contractors (for building and improvements).
  • Profile of Contractor/Builder (for building and improvements).
  • Engineers Report if requested (for building and improvements).
  • Signed facility letter between the Bank and Member, documenting terms and conditions of loan.