Malawi
Sign in

Home Loan

Home Loan

A home loan is a mortgage that enables you to own a house for residential use. The loan may also be used to finance improvement or refurbishment of a house you already own. It may also be used to buy out or transfer an existing mortgage from another bank. It is available for both salaried or self-employed customers. We also provide it under scheme where customers can access the loan through their organisation.

Benefits of a Home Loan

Dedicated Support

Call 247 toll free to get assistance if you have not received your Top up offer

Power of Choice

Choose from 3 Home loan options depending on your ambition

Loan Insurance

You get a loan protection plan which covers you in case of death or permanent disability

Flexible

Choose to pay back between 7 to 20 years and depending on your income
How to get it
  • National ID
  • Contract Agreement if employed on contract.
  • Letter of Introduction and letter of undertaking from the employer.
  • Latest pay slip.
  • Title Deeds for the House.
  • Bank Statements from your current Bankers for a period of 6 months if not banking with Standard bank. These should be duly endorsed by the Bank.
  • Application Document (The Bank will provide the document)
  • Formal application letter to the Bank seeking finance.
  • Any utility bill (Water or Electricity).
  • Copy of the Business Certificate if the loan will be serviced by the Business.
  • Financial Statement if the business will be servicing the loan.
What it costs
  • Arrangement fee of 2% of loan min MK55,000.00
  • Processing fee MK65,000.00
  • Interest rate is at base rate
  • Valuation, Legal, Search and transfer costs to be paid by applicant

2020 Pricing Guide

 

Insurance
  • Monthly premium on Mortgage Protection Cover (life policy) is calculated as 0.17625% of loan value and is recovered together with the monthly loan repayments.
  • Annual premium on Home Owners Comprehensive Policy (property policy) is calculated as 0.132% of property value and is payable annually.
  • Free cover limit is up to MK15, 000,000-00. Amounts accessed beyond this limit will require medical tests.

 

Repayment conditions
  • Direct deduction at source by the employer and remitting the installments as a lump sum amount to the bank on an agreed date.
  • Monthly deductions by the bank on agreed date for customers whose main account is with Standard Bank 
  • How to get it
  • What it costs
  • Insurance
  • Repayment conditions
  • National ID
  • Contract Agreement if employed on contract.
  • Letter of Introduction and letter of undertaking from the employer.
  • Latest pay slip.
  • Title Deeds for the House.
  • Bank Statements from your current Bankers for a period of 6 months if not banking with Standard bank. These should be duly endorsed by the Bank.
  • Application Document (The Bank will provide the document)
  • Formal application letter to the Bank seeking finance.
  • Any utility bill (Water or Electricity).
  • Copy of the Business Certificate if the loan will be serviced by the Business.
  • Financial Statement if the business will be servicing the loan.
  • Arrangement fee of 2% of loan min MK55,000.00
  • Processing fee MK65,000.00
  • Interest rate is at base rate
  • Valuation, Legal, Search and transfer costs to be paid by applicant

2020 Pricing Guide

 

  • Monthly premium on Mortgage Protection Cover (life policy) is calculated as 0.17625% of loan value and is recovered together with the monthly loan repayments.
  • Annual premium on Home Owners Comprehensive Policy (property policy) is calculated as 0.132% of property value and is payable annually.
  • Free cover limit is up to MK15, 000,000-00. Amounts accessed beyond this limit will require medical tests.

 

  • Direct deduction at source by the employer and remitting the installments as a lump sum amount to the bank on an agreed date.
  • Monthly deductions by the bank on agreed date for customers whose main account is with Standard Bank