Buying a home is a major decision for anyone. It is also one of the largest investments most of us are likely to make in our lives.
To help you, we offer various sorts of loans for homes that will not only help you buy the property, but also make improvements to it.
Why you should choose Stanbic Bank for your home loan
We can finance up to 80% of a property’s market value and our payment options could help you pay off your home much quicker. You can choose from repayment periods of up to 20 years.
Our AccessBond feature lets you use money that you have already paid off to use as you wish.
For your peace-of-mind, we offer insurance on the property and also cover so that the amount due is paid should you die or become disabled while repaying the home loan.
If you already have a home loan with another institution, you may want to move (or switch) your loan to Stanbic Bank so you may benefit by the advantages we offer. We will help you do this.
Types of home loans we offer
Minimum requirements for applying
What you will need to provide us when applying for a home loan
Proof of income
Is this a loan or a mortgage?
This loan is a mortgage on residential properties. You can use this loan to buy a residential property, make home improvements, complete a house or to release equity.
What is the difference between this product and any other loan?
A home loan offers a longer repayment period with flexible repayments. You can also accelerate your repayments at no penalty. Insurance for life, the property and the security is the mortgage itself.
What mechanisms are in place to see that the loan is repaid?
Repayments are made by standing order loaded on to the borrowers account. To qualify for a specific loan amount, your monthly repayment has to be within 30% of your net income to ensure comfortable repayment. The property title is also held as security on the loan.
In the event that a person dies before completing loan repayments, how will you recover the money?
There is a mortgage protection policy that covers the life of the borrower for death and permanent disability. In case of death, the insurance company pays off the loan. That way, the dependants do not have to bear the burden of repayment.
There is a free cover limit of up to UGX140 million under. There are no medical examinations required for this.
What if I lose my job before I have repaid the loan?
If you lose your job, you need to tell us immediately. You will be given up to 90 days to continue repayments. If this is not possible you may need to sell the property.