Housing loan

PURPOSE:

• For construction of New Dwelling Unit.
• For acquisition of New Dwelling Unit.
• For financing purchase of old dwelling unit not more than 15 years provided the flat/house is structurally strong.
• For repair/renovations/extension of the existing house.
• For repayment of the loan already availed from any other institutions.

LOAN AMOUNT:

Maximum Tsh. 500 Mn. or equivalent in foreign currency

CEILING ON LOAN AMOUNT:

Loan amount depends on an adequate monthly net disposable income.

MARGIN:

20% for construction/acquisition of dwelling unit (including cost of land).

25% for repair/renovation/extension of existing dwelling unit.

30% for purchase of old dwelling unit.

35% for purchase of plot only.

RATE OF INTEREST:

As Applicable

SECURITY:

• Legal mortgage of the property.
• Personal guarantee of one or more persons with an aggregate net worth twice the loan amount.

REPAYMENT SCHEDULE:

• The maximum repayment period is 15 years (including moratorium)
• In exceptional/deserving cases up to 20 years (including moratorium)
• Repayment facility available under Equated Monthly Installments (EMI)

MORATORIUM:

Reckoned 18 months from the date of first disbursement or completion of construction whichever is earlier.

PROCESSING CHARGE:

As per card rate.