Indo Zambia Bank

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IZB Home Loan
 

banner  ELIGIBILITY


  1. Salaried employees with Government/Semi-Government Institutions, Corporate and reputable business houses.
  2. Professionals such as Doctors, Accountants, Lawyers etc.
  3. Self employed people with proven regular income.

banner  PURPOSE


Outright purchase, construction of new houses and renovation, extension of existing houses


banner  QUANTUM OF LOAN


Minimum 20% of the project cost


banner  REPAYMENT PERIOD


Repayment period not exceeding 120 months. The repayment period not to exceed the left over service period in case of salaried employees. Grace period of up to 6-12 months is allowed in case of construction of house.


banner   DEDUCTIONS:


Total loan deductions including installment on home loan should not exceed 50% of salary net of statutory deductions.


banner  INTEREST RATE 


BOZ Policy Rate plus margin  


banner  PROCESSING FEE  


2.5% of loan amount (one time) .For loans repayable beyond 36 months 3% of loan amount.


banner  INSURANCE 


  1. Full Insurance cover against death, permanent disability, insanity or any chronic illness resulting in inability to perform duties.
  2. House owners insurance to cover risks such as fire, floods and other perils.

banner  SECURITY


Legal mortgage/Charge over property financed. 


banner  REQUIREMENTS


Customer to complete our standard Home loan application form attaching the following:


  1. Letter of offer in case of purchase
  2. Council approved plan in case of construction/extension
  3. Bill of quantity in case of construction/repairs/renovation/extension by a professional.
  4. Copy of title deed
  5. Copy of pay slip or proof of income in case of self employed.
  6. Copy of NRC of the vendor.

banner  BENEFITS


  1. Attractive rate of interest.
  2. Quick processing time
  3. Full insurance cover
  4. Flexible repayment terms
  5. In case of couples, income of both parties is considered.
  6. Guaranteed Home solutions.

Please contact your nearest branch for further details