TheDetails

Feb 2, 2019

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.