Credit facility that offers customers an opportunity to own Real Property
Facility Amount
- Up to 80% collateral value
Interest Rate
- Base Rate + Risk-Based margin (Base + 6.6%) effective 21.5%
Penalty Interest
- Base Rate + Risk-Based margin + 10% (for non-payment
Facility Fees
- Residential Mortgage loans 2% min MWK80,000
- Commercial Mortgage loans 2% min MWK80,000
- Disbursement fees 0.5% of the loan
- Mortgage Other fees
- Withdrawal of Approved Loan MWK 34,500.00 (after 10 days cooling o period)
- Title Deed Photocopy MWK 20,700.00
- Mortgage Loan Statement fee MWK 4,800.00
- Internal Property Valuation fee 1.5% Min. K69,000
- Bank undertaking MWK 21,500.00
- Balance Confirmation MWK 17,250.00
- Consent to Create Second Charge MWK 21,300.00
- Loan Rescheduling with Arrears fee 2.5% of total loan, Min. MWK50,000.00
- Loan Rescheduling without arrears capitalization fee MWK41,400 flat
- Home loan Dishonored cheque/standing instruction/debit order MWK 15,000.00
- Mortgage Statement for Tax purposes fee MWK 13,800.00
- Account Reconciliation beyond 6 months/ and every year there after MWK 48,300.00
Term
- 180 months maximum for occupational mortgage
- 120 months maximum for rental mortgage
- 60 months for commercial mortgage and personal loans against mortgages
Security
- Real property at 60% loan to value ratio
Requirements
- Offer letter/sale agreement
- Identification document (Passport or driver’s license)
- Income documentation (3 most recent pay slips or letter of salary)
- Confirmation from employer or 6 months recent bank statements for the self-employed
- Copy of certificate of lease or land certificate Bills of quantities and approved plans (if constructing)
- A valuation report from a registered and Bank approved valuer/quantity surveyor
- An NBS Bank active account aged 6 months and above