Home Loans

An all-inclusive mortgage product designed to meet the needs of home loans in Tanzania.

  • Financing up to 75% of property value
  • Mortgage period up to ten years
  • Purpose of the loan is to finance construction, purchase, and renovation of residential houses / apartments
  • The bank shall finance up to 75% of cost price / sale agreement value or registered value whichever is lower. Minimum credit limit TZS 50 million and the maximum credit limit TZS 500 million
  • The loan is repayable within a maximum period of fifteen years or no later than the 60th birthday or date of retirement whichever comes first, including moratorium period
  • The interest is charged at the bank's base rate of 20% p.a., plus or minus a margin of not more than 4%. The interest rate is not fixed; it's subject to change depending on market conditions
  • The product targets persons with minimum income TZS 4,000,000 gross monthly income for salaried employees. Spouse income may also be considered for properties jointly registered with both of them as borrowers
  • The primary security for the mortgage shall be a first legal charge over the property financed. Spouse guarantee shall be taken in respect of married persons
  • Valuation of properties shall be carried out by bank's approved valuers prior to the approval processes
  • The borrower will be required to pay the advocates fees, stamp duty, registration fees, valuation fees and the insurance premiums on the property and on life, etc
  • The borrower shall take credit insurance for the period of the loan
  • Mortgage loans are subject to a non-refundable appraisal fee of 2% of credit facility
  • For employed persons:
    • Copies of three months' payslips
    • Copies of twelve months' bank statements
    • Curriculum vitae (CV)
    • Copy of TIN certificate
    • Copies of the identification documents / passport
    • Letter from the employer stating income, retirement age, length of service and employment terms (contract or permanent)
    • Copy of sale agreement / bills of quantity
    • Draft of valuation and search report of the property
    • Copy of title deed
  • For self-employed persons:
    • Audited accounts (three years) + latest management
    • Copies of one year's bank statements
    • Business registration certificate (TIN, certificate of incorporation, business license, MEMARTS)
    • Cash flow projection for one year
    • Copy of the latest annual returns and receipts
    • Copy of sale agreement / bills of quantity
    • Copies of the identification documents / passport
    • Draft of valuation and search report of the property
    • Copy of title deed
    • Business profile
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