HARARE – Stanbic Bank Zimbabwe has revamped its home loans offering in a bid to encompass both existing and prospective home owners.
The bank’s acting head of personal and business banking, Patson Mahatchi, said the Standard Bank subsidiary has increased its home equity loan offering from 30 percent up to 50 percent in a move aimed at assisting existing home owners to access financial assistance for urgent needs in this currently difficult environment.
“We are aware that home owners hold assets which they can use to get funding to support their financial needs.
“Selling properties off is not always an option for the average Zimbabwean so we are making efforts to assist home owners with financing through the idea of re-mortgaging their properties instead of having to sell,” he said.
Patson indicated that the financial institution has so far disbursed approximately $1 million under the home equity loan scheme and is dedicated to invest more to qualifying applicants.
In addition to the home equity loan, the bank also offers property improvement loans that assist clients to renovate or refurbish their properties.
Stanbic also supports prospective home owners by giving them the opportunity to purchase already constructed properties through a property purchase loan facility.
In an economy where fixed assets like real estate are proving to be the most viable investments, Stanbic Bank is giving its customers an opportunity to be house owners by offering diversified home loan packages.
Mahatchi said the purchase of a property is a great achievement which is not difficult to attain when one has the financial advice the bank has to offer.
“Rentals can be translated into loan repayments which is a great idea given that one will have attained home owner status and the benefits that it brings,” he added.
The bank’s customers also benefit from the institution’s partnership with reputable suppliers of building materials as well as established and reputable real estate companies.
The country is replete with bogus land barons, a development that has seen a large number of Zimbabweans being stripped of their hard-earned cash through fraudulent property deals from cunning conmen and bogus property barons, causing many people to shy away from acquiring properties. – Daily News