Home Loan
We know that owning a home can be complex . As one of Malawi's leading home loan providers, trust us to make your journey to becoming a homeowner smooth and seamless.
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 Repayment
Choose to pay back between 7 to 20 years and depending on your income
Become a home owner today with our Home Loan. This mortgage also allows you to finance the improvement or refurbishment of your existing home, or buy out and transfer an existing mortgage from another Bank. Want to know more about this loan?
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