Stanbic Bank Zimbabwe has revamped their home loans offering in a bid to encompass both existing and prospective home owners.
In an interview held in the capital, the acting Head of Personal and Business banking, Mr. Patson Mahatchi explained that the bank has increased its home equity loan offering from 30% up to 50% 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”, said Patson.
Patson indicated that the financial institution has so far disbursed approximately $1mln under the home equity loan scheme and is dedicated to invest more to qualifying applicants.
In addition to the Stanbic home equity loan, the bank also offers property improvement loans that assist clients to renovate or refurbish their properties. The bank 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 that 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.”
The Bank says that 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 has been marred by bogus land barons, a development which 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, a development which has caused many countrymen to shy away from acquiring properties.