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Stanbic is offering home loans for Zimbos in the diaspora

Stanbic Bank Zimbabwe, Financial Report, profit, diaspora home loans

Stanbic Bank is committed to playing its part in assisting Zimbabweans in the diaspora to build and own houses back home through its mortgage finance facility tailor-made for people living abroad. The facility called “Diaspora Home Loans” is part of a wider mortgage finance plan by the financial services institution whose goal is to ensure that Zimbabweans at home and abroad enjoy the basic human right of having a roof over their heads.

Stanbic Bank Zimbabwe Head of Client Solutions, Tich Zuze said the bank is committed to contributing towards ensuring that Zimbabweans in the diaspora build or purchase a house back home through its Diaspora Home Loans facility.

“We have established a well thought out Diaspora Home Loans facility through which Zimbabweans living abroad can acquire completed houses, construct new properties, undertake property improvements and equity release,”

Tich Zuze, Stanbic Bank Zimbabwe Head of Client Solutions

He said the Diaspora Home Loans package has flexible terms and conditions and is backed up by Stanbic’s Home Loans desk which is available to attend to them in need.

“Stanbic is aware that a house is one of the most important investments any one can make and the Diaspora Home Loans facility plays a pivotal role in ensuring Zimbabweans in the diaspora enjoy a sense of belonging and achievement in the knowledge that they have a house back home,”

Tich Zuze, Stanbic Bank Zimbabwe Head of Client Solutions

For one to be eligible for the Diaspora Home Loans facility they need to provide the usual Know Your Clients (KYC) documents together with proof that one has a secure job in the diaspora such as a stamped letter of introduction from employer- confirming salary, retirement age, and contract of employment which should be long enough to cover loan term and certified 6 months bank statements through which salary is paid.

The applicant of the diaspora home loan would also need to provide a local address to which Stanbic Bank will serve documents and or notices and service of process when need arise. Other documents include a completed Home Loan application form and having a minimum of 24 months duration of employment with the same employer while proof of extra income is an advantage. The comprehensive list of the requirements are accessible via the bank’s website and one can visit any Stanbic branch to get further assistance.

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43 thoughts on “Stanbic is offering home loans for Zimbos in the diaspora

  1. For me the deal breaker is the interest rate. 10% for a USD loan is just not going to work for most people. I currently pay 6% on a Rand mortgage and 1.17% on a Euro mortgage. I do understand everything in Zim is expensive and risky but 10% on a hard currency loan is too much.

  2. Rate is too high.
    If they can only strike a deal with the diaspora with affordable interest rate. It will still boost the bank and grow the business.

  3. Great initiative which is commendable but lending $100k USD at 10% over 15years means you pay nearly 2.5 times the principal amount borrowed. That’s quite stiff considering the diaspora community may already have mortgages where they live and are paying an average of 3%. Please reconsider your interest you’ll attract a lot more business.

  4. Stanbic are better CABS charge 15% for five years. Steward Bank used to do 2% but they no longer do disapora mortgages. These banks are just so greedy though but from an investment oint of view it might not be a bad offer from Stanbic

  5. I don’t know where everyone is getting that its 15 year term, it’s not. Stanbic confirmed the term is 5 years, interest is 10% PA and deposit is 25%. So for a property of $100,000.00 your monthly payments will be around $1600.00. If in doubt ring Stanbic

    For me its a no brainer to get high interest rate mortgage like this if i can get a low interest loan instead. However, for others the mortgage option might work. I think one has to do appropriate calcs and assess the risk levels.

  6. 10% is still too steep even if maximum loan period is 5years(60months). For a 25 000$ loan, yearly interest of 2500$ accrues- by year 5 that’s $12 500 which is 50% of principal amount 🤔

  7. I was really excited reading the article and then i went to the website for more info. My God how can you charge 10% p.a with a max term of 5 years and a 25% down payment. Just ridiculous honestly! Diaspora mortgages are 2% p.a., 5% down payment and a 25 year amortization. I guess Zim banks have a long way to go to work for its citizens first.

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