WHAT IS A MORTGAGE
An agreement in which money is lent by ZNBS for buying a house or property. The property being the security. The sum borrowed to be repaid with interest.
WHO QUALIFIES?
Any individual with a viable income
· Any business with sustainable and verifiable income
HOW MUCH CAN I BORROW ?
An entitlement is calculated based on income. An entitlement is the maximum amount of money the ZNBS can lend to an applicant.
WHAT DO I NEED WHEN APPLYING?
INDIVIDUAL
- Latest Pay slip
- Letter of confirmation from employer
- Copy of Title Deeds
- Consent to assign and mortgage identity
- Declaration of extra income (if any)
- Approved building plans Letter of offer from vendor
BUSINESS
- Certificate of Registration/Incorporation
- Financial Records
- Bank Statements
- Audited books of accounts
- Cash flow projection
- Savings Account
- Maintain a Savings Account for a period not less than six months.
DO I NEED COLLATERAL/SECURITY FOR THE LOAN?
None- the property you are purchasing acts as security.
WHAT PERIOD IS REPAYMENT?
Maximum-4years
WHAT IS THE INTEREST RATE OF REPAYMENT?
Minimum interest at competitive rates
HOW MANY TYPES OF MORTGAGES ARE OFFERED?
- Outright purchase
- Development or Construction
- Home improvement Scheme
WHAT FEES WILL I BE REQUIRED TO PAY?
- Survey fees depending on location of property
- Mortgage commitment fee at 3.5% of approved amount.