HOME LOANS

Stanbic Bank, Personal and Business Banking

Stanbic Centre, 64 Nelson Mandela Avenue,
Harare
Tel. 04-759471-9
List of Requirements
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:

a) 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 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 employees salary until
the loan is fully paid as long as the applicant is in the employee of the company)
Minimum duration of employment is 12 months with same employer
Current pay slip 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 bank statements (other than Stanbic if applicable)
Proof of residential address
Valuation report
Copy of approved plan

b) BUILDING EXTENSIONS/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 13.15%p.a.
Once off establishment fee of 2% of loan amount payable upfront
Mandatory property insurance cover processed 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 2% once off
Application fees
$25.00
Loan Protection
1.51%
Property Insurance
0.12%

Do you need time to raise deposit? Please follow the following steps;
1.
Determine loan qualification and deposit requirement with the help of your banker or Home
Loans department
2.
Indicate period required to raise the deposit
3.
Please open a Plus Plan Savings account to use for raising the deposit
4.
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.