Every person has, at some point in their life, fantasised about the perfect house; one which is itself an extension of who they are. Given the various home loan products on the market today, there is no reason why every Motswana cannot realize this dream of home ownership.
To ensure this dream is within reach of every citizen, banks such as Stanbic Bank Botswana provide innovative and affordable mortgage products in the market. To bring home ownership within reach of their customers and make the application process easier, Stanbic Bank has amended their lending criteria during 2011.
Stanbic Bank has extended their bond repayment period to 300 months, giving you a greater time period in which to repay your loan. In addition, the Installment to Income Ratio (IIR), a way in which banks calculate one’s loan eligibility, has increased.This ensures that a greater portion of your monthly salary goes towards repaying the loan so that the loan itself is paid off sooner.
An additional challenge faced by potential home owners when it comes to financing their dream home is the need for upfront deposits. Here, for some identified development projects, Stanbic Bank does not require an upfront deposit. Such projects include, but are not limited to, the BHC development in Phakalane. Amendments such as these, in essence, increase the affordability of loans. This is especially for first time home buyers, making the entire process of taking out a home loan easier and less stringent.
The process of acquiring your dream house, then, becomes much more enjoyable. In fact, Stanbic Bank’s Building Loans allow customers to buy plots and build their own houses within 7.5 months. This gives you the freedom to choose a plot in an area where you want to live. This gives you the advantage of designing and developing the house that you have always wanted and which reflects yourunique personal taste. It brings you that much closer to your dream home.
The rewards of this have somewhat of a domino effect. Once you have your new home,Stanbic’s equity release facility allows you to use the house to secure a future loan or obtain a line of credit. This allows for greater buying power in order to fund home improvements, redecorating costs, or simply to assist with the purchasing of investment property.
Getting a home loan has really never been easier, with property and building loans between P200, 000and P10 million being offered at competitive rates for properties in urban and sub-urban areas.Moreover, anyone with a monthly salary of P2, 670 or more qualifies for a bond from Stanbic Bank.
The often painful process of a home loan application is now made simpler. All you need focus on, then, is your new life in a home that was once merely a dream, a dream that has since been realized.
By: Lawrence Ntshabele : Mr Ntshabele is Stanbic Manager, New Business Secured Lending.For more information, go to www.stanbicbank.co.bw, contact the Secured Lending Department at Stanbic Bank Botswana on tel: +267 3618000, or enquire within any Stanbic Bank Branch.
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