Should you not wish to purchase your property
for cash, the Lilayi Home Ownership Scheme enables you to pay
monthly installments over a maximum period of 15 years, once an
initial down payment has been made. This down payment will
be a minimum of 20% of the list price but may vary depending on
various factors. You can even save for your down payment with
an interest-bearing savings account at Stanbic Bank Zambia.
The Scheme will also
include Life and Home Owners insurance, protecting your house as
a family asset. Once you have repaid all your monthly
installments, you will own your own home. The “Step by Step
Guide to Obtaining Finance Through the Lilayi Home Ownership
Scheme ”
section will guide you through the process of filling out the
appropriate paperwork and applying for the scheme.
|
TYPE |
|
2 BEDROOM |
3 BEDROOM |
|
HOUSE SIZE |
|
63 sqm* |
97sqm* |
|
LIST PRICE |
|
K
195,000,000 |
K
285,000,000 |
|
PLOT SIZE |
|
300 sqm |
300 sqm |
*inclusive of
verandahs
-
The Lilayi
Homeownership Scheme is available to all qualifying Zambian
citizens and permanent residents.
-
The Lilayi
Homeownership Scheme is also available to Zambian citizens
living abroad.
-
The Scheme offers a repayment
period of a maximum of 15 years (this may be shorter depending
on your age and the official retirement policy of your
employer).
-
Your mortgage rate will be
fixed for the term of your loan – indicative rates are 14% for
the entire repayment period (up to 15 years)
-
Your mortgage
interest rate is partially indexed to the US dollar,
allowing you to benefit from rises in the Kwacha, but
exposing you to a dollar linked liability. For more
information of mortgages please read “An
Essential Guide to Home Ownership in Zambia”
which has an excellent explanation of this indexing.
-
Your total monthly repayments
including insurance and home ownership fees must be less than
28% of your gross monthly income.
-
Each customer under the scheme
will be required to provide a minimum 20% down payment (plus
appropriate closing costs) before his or her application is
considered by Stanbic Bank Zambia; this may be greater depending
on various factors including age and salary.
-
You can save for your down
payment with an interest bearing, HFA Savings Account at any
Stanbic Bank. As long as you maintain a monthly minimum, there
will be no Bank fees and no charges.
-
Your monthly repayments will
only commence on completion of the property.
-
Our financiers are flexible –
they allow up to 4 pre-payments per year with no penalties.
Ø
Opening
your Stanbic Bank HFA Savings Account
Ø
Step by Step Guide to Obtaining Finance
Through the Lilayi Home
Ownership Scheme
Ø
Affordability Guide
