Home Loan Protection
Stanbic Bank’s Home loan protection plan covers your home loan debt against your death or permanent total disablement. In these circumstances, the outstanding amount owing on your home loan will be written off and the Bank will no longer have an interest in the property.
What does it offer me
- This cover ensures that your property is safe from repossession – giving you and your loved ones the security of knowing that your home remains in the family and cannot be taken away.
- For additional peace of mind, premiums are calculated on the monthly outstanding balance of your home loan and payable alongside your loan repayments. As you pay off your home loan, your premiums will also decrease
- If you become permanently disabled and unable to work before the age of 70 and before the policy expires, an amount equivalent to the death benefit will be paid the Underwriter. (Total and permanent disability is considered to have occurred with the loss of both hands or both feet, one hand and one foot, or the sight of both eyes.
- You may choose to cover a second life under the policy (for example your spouse) at a 40% discounted rate.
What do I need to apply
This cover is best suited for clients or potential clients who have home loan finance through Stanbic Bank.
To take out a Home loan protection plan, just visit your nearest Stanbic Bank branch with your valid Identity Document.