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