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Details on Stanbic Bank`s home loans are unveiled
2008-05-16 09:49:38
By Guardian Reporter
The home loans product launched by Stanbic Bank Tanzania on Tuesday will cater to the bank`s executive and private banking customers.
A source from the bank said the product did not fall in the sub-prime loan scheme category, nor was it a refinancing product.
``The product is purely a home financing loan and the house being bought is used as security and remains the property of Stanbic Bank until the loan is repaid,`` the source, who preferred anonymity, said.
The minimum loan deposit required from the customer would be 20 per cent of the value of the property as the bank would finance up to 80 per cent of the value of the property one intended to purchase.
This package has no maximum loan amount since the repayment ability is determined by the customer`s income. However, the minimum loan amount a customer can get is 11.5m/- or USD10,000.
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