Stanbic Bank Zimbabwe has revamped its home loans offering in a bid to encompass both existing and prospective home owners.
By Business Reporter
In an interview, the bank’s acting head of personal and business banking Patson Mahatchi said they had increased home equity loan offering to 50% from 30%, a move aimed at allowing 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”, Mahatchi said.
He said the bank has so far disbursed about $1 million under the home equity loan scheme and would disburse more as qualifying applicants come in.
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.
Stanbic Bank is giving its customers an opportunity to be house owners by offering diversified home loan packages in an economy where fixed assets like real estate are proving to be the most viable investments.
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 country has seen an influx of 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.