Equity Release is designed to assist customers to access loans for any legal use against mortgageable security. The product assists customers in unlocking value on their existing property. The product has the following features:
- Customers can borrow up to 60% of the value of their paid up property;
- It assists customers towards meeting their varying plans from home improvements, new projects, Capital for SMEs
- Property to have security and in an urban center
- 55% interest rate per annum
- 1% valuation fees and 1.5% mortgage establishment fees
- Loan tenor/duration of a maximum of 5 years
Requirements:
- Pay slip/Proof of income
- Supporting letter from employer (stamped)
- Certified copy ID (2 copies)
- Proof of residence (2 copies)
- 6 months bank statements
- Open a HomeSave account with FBC Building Society
- Work Permit/ Residents permit/Visa (Zimbabweans Residing outside the country)
- 2 passport sized photos
- Details of current and running loans with other banks and supporting documentation thereof where applicable
- Mortgage Valuation fees 1%
- Mortgage Establishment Fees 1.5%
- Quotations for home renovations
- Copy of title deed
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