Home Loans
An all-inclusive mortgage product designed to meet the needs of home loans in Tanzania.
What you need for a Home Loan
Copies of three months’ pay slips
Copies of twelve months banks statements
Curriculum vitae (CV)
Copies of TIN Certificate
Copies of the identification’s documents / passport
Letter from the employer stating income, retirement age, length of service and employment terms (contract or permanent)
Copy of sales agreement / bills of quantity
Draft of valuation and search report of the property
Copy of tittle deed
Audited accounts (three years) + latest management
Copies of one year’s bank statements
Business registration certificate (TIN certificate of incorporation, business license, MEMARTS)
Cash flow projections for one year
Copy of the latest annual returns and receipts
Copy of sale agreement/bills of quantity
Copies of the identification documents/passports
Draft of valuation and search report of the property
Copy of title deed
Business profile
Financing up to 75% of the property value.
Mortgage period up to ten years.
The purpose of the loan is to finance the construction, purchase and renovation of residential houses/apartments.
The bank shall finance up to 75% of the cost price/sale agreement value or registered value, whichever is lower. Minimum credit limit TZS 50 million and the maximum credit limit TZS 500 million.
The loan is repayable within a maximum period of fifteen years or no later than the 60th birthday or date of retirement, whichever comes first, including the moratorium period.
The interest is charged at the bank's base rate of 20% p.a plus or minus a margin of not more than 4%. The interest rate is not fixed. It's subject to change depending on market conditions.
The product targets persons with a minimum income TZS 4,000,000 gross monthly income for salaried employees. Spouse's income may also be considered for properties jointly registered with both of them as borrowers.
The primary security for the mortgage shall be a first legal charge over the property financed. Spouse guarantee shall be taken in respect of married persons.
Valuations of the properties shall be carried out by the banks' approved valuers prior to the approval processes
The borrower will be required to pay the advocate's fees, stamp duty, registration fees, valuation fees and the insurance premiums on the property and life etc.
The borrower shall take credit insurance for the period of the loan.
Mortgage loans are subject to a non-refundable appraisal fee of 2% of the credit facility.
