Step 1
- To qualify for the Homeownership scheme you must first open an
HFA Savings Account with Stanbic Bank Zambia. To avoid bank
charges the minimum deposit is K 2 500 000. Click here
to see ‘Stanbic Bank Account Opening
details’ for
information on how to go about this.
Step 2
- Once you have opened your account and deposited enough money
to reach the required minimum 20% down-payment plus 12 months
prepaid insurance and closing costs, you may apply for a home
ownership loan through the One Stop Shop. As noted above the
minimum deposit may exceed 20% depending on various factors
including, but not limited to, your gross salary and age.
Please consult the
“Affordability Guide” for further information regarding the closing costs and required
verifiable gross salary.
Step 3
- Please print out the
Credit Application Form
by clicking
here on this link ,(Print
Credit Application Form) fill in the required information, sign
and date.
Step 4
– Please print out the
Income and Expenditure Statement
by
clicking here ,(Print
Income and Expenditure Statement) fill in the required
information, sign and date
Step 5
– Please print out the
Personal Liability Statement
by clicking
here,
(Print Personal Liability Statement) fill in the required
information, sign and date
Step 6
- Please provide us with an original or certified copy of your
most recent pay-slip. If you are a sole proprietor a minimum
deposit of 30% will be required as well some additional
documentation. Please contact one of
our friendly sales executives.
Step 7 -
Please provide us with another reference letter from your
employer which states that you are a bona fide employee as well
as how long you have been employed by them. If you are over the
age of 40, your official retirement age should also be noted.
This letter must be printed on your employers letterhead.
(Please note that this letter is different to the letter
required to open your HFA savings account.) We have a standard
letter available;
click here for this template.
Step 8
- Please send us certified copies of 6 months of your most
recent bank statements reflecting your salary deposits. The most
recent bank statement should not be more than 30 days old and no
transactions should be missing.
Step 9
- Please send all certified/notarised copies together with any other documentation
he/ she may require to your Sales Executive at the Lilayi
One-Stop Shop.
Step 10
- Once you have obtained all the required documents and
completed the necessary forms, please arrange to deliver or
courier all the required documents and completed forms back to
us using a courier that can provide a tracking number. To
assist us in following up with the courier, please email or
phone us with the courier’s tracking number. Please courier
these documents to us at:
Lilayi Housing Estate,Central Park,
Ground Floor, Cairo Road, Lusaka, Zambia
If submitting a
joint application, each applicant should provide their own
reference letter, pay slip and bank statements. The application
form, Personal Income and Expenses and Personal liability
statement will be completed jointly.
Please do not send
these valuable documents by regular mail or express mail Please
only use reputable couriers that can provide tracking numbers
(we recommend that you use Federal Express, DHL or United Parcel
Service). Once you have couriered the documents to us please
email us the tracking number of your document package so that we
can ensure receipt.
Once you have
submitted all documentation and completed your deposit, credit
verification procedures will be carried out on your loan
application by Stanbic Bank, and you will be notified of your
loan approval status.
On loan approval
you will enter into a Contract of Sale which we will prepare, to
acquire your plot of land on which the Ministry of Lands will
issue a title deed. You will also enter into a Development
Agreement which will govern our joint responsibilities in terms
of the construction and financing of your house. We will
prepare all relevant documentation at our offices.
No further payments
will be required until the building of your house is completed
and a Completion Certificate and Certificate of Occupancy have
been issued.
On completion of
your house you will be required to begin making your monthly
repayments according to the terms and conditions in the
Development Agreement
Each homeowner on
the Lilayi Estate will become a member of the Lilayi Estate
Homeowners Association, which is available on our website or at
the one stop shop. To read or print a copy of the
Constitution
of the Lilayi Homeowners Association, click here
