Uganda

 
 

Home loans

Stanbic Bank Uganda

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

  • Ordinary home loan for buying of a residence.
  • Home improvement loan to help you do renovations and refurbishments.
  • Completion loan to ensure you complete a residential structure that they are already building.
  • Further advance means that we could extend your loan to help you make improvements to your property.
  • AccessBond lets you deposit money into your home loan at any time and withdraw it as you wish, The benefit of keeping money in the home loan until you need it is that you can save on interest paid on your home loan.

 Minimum requirements for applying

  • You need to be younger than 66 years to qualify for a home loan. Home loans may be granted to one or more individuals, married couples, companies, informal bodies that may legally buy property in Uganda and have a proven source of income.

What you will need to provide us when applying for a home loan

Proof of income

  • Six months’ bank statements
  • Proof of employment
  • Copy of employment contract
  • Payslips of three consecutive months.

Property details

  • Copy of the land title
  • Valuation report (by Stanbic Bank’s approved valuers)
  • Sale agreement
  • Bills of quantities (for home improvement and completion)
  • Copy of approved plan (for home improvement and completion).

Valid identification

  • Copy of passport and employment identity card
  • Two passport-size photos.

FAQs

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.

Customer care

Complaint/Compliment brochure

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Tel: +256 41 4340788

E-mail: cccug@stanbic.com