Building loan
Construction loan for the development of a single residential property or purchase of off-plan houses. Building a property from scratch/ completion of residential property. Enables clients to expand, remodel or renovate their existing property.
Product details
- For properties under construction, we pay for the work done in stages to enable the developer to complete your dream home.
- There is no maximum loan amount – dependent on affordability.
- Loans are granted up to 15% above or below the bills of quantity (Cost of building the actual plan).
- Loan term is 20 years.
- Debit orders are preferred for monthly repayments from a Standard Bank salary account.
- Monthly instalments include - reduction of capital, interest, monthly service/management fee, insurance.
- The home loan can be terminated at the end of the agreement or early settlement.
Product benefits
- This home loan solutions gives you an opportunity to build the home of your dreams.
- Best value and competitive rates.
- We pay in stages to enable the developer to complete your dream home.
How it works
- Individuals 18 years or older.
- Minimum joint net monthly income of 40/50% and 45/60% for single monthly net income.
- Proof of identity: Valid Lesotho ID/ Passport.
- Proof of income: recent payslips.
- 6 months certified bank statements (if using another bank).
- Proof of employment: Letter for employer confirming employment terms.
- The property must be assessed, and a suitable value found upon completion.
- Offer letter (for Home Purchase, Developer Construction and Employee Mortgage Scheme).
- Bill of quantities, building plan and permit (home improvement and developer construction).
- Property Title documents (For title search).
- Loan will be approved subject to a positive credit bureau report.
What it costs
- Personalised interest rates.
- Interest rate is variable and attached to the prime lending rate.
- Interest is calculated daily and debited to the account at the end of the month.
- A once off initiation fee is charged for new loans.
- A monthly service/ management fee is charged.
- Early settlement fees (1 month interest).
- Legal fees is paid to the Bank appointed lawyer.
- A full range of charges can be found in the latest Pricing Guide.
How to get it
- You can visit the nearest branch or contact Home Loan Consultant for details on how you can be assisted on +266 2221 2754/56.
- You can also call the Standard Lesotho Bank Contact Center for guidance on 8002 2221, or 2221 2221.
-
Product details
-
Product benefits
-
How it works
-
What it costs
-
How to get it
- For properties under construction, we pay for the work done in stages to enable the developer to complete your dream home.
- There is no maximum loan amount – dependent on affordability.
- Loans are granted up to 15% above or below the bills of quantity (Cost of building the actual plan).
- Loan term is 20 years.
- Debit orders are preferred for monthly repayments from a Standard Bank salary account.
- Monthly instalments include - reduction of capital, interest, monthly service/management fee, insurance.
- The home loan can be terminated at the end of the agreement or early settlement.
- This home loan solutions gives you an opportunity to build the home of your dreams.
- Best value and competitive rates.
- We pay in stages to enable the developer to complete your dream home.
- Individuals 18 years or older.
- Minimum joint net monthly income of 40/50% and 45/60% for single monthly net income.
- Proof of identity: Valid Lesotho ID/ Passport.
- Proof of income: recent payslips.
- 6 months certified bank statements (if using another bank).
- Proof of employment: Letter for employer confirming employment terms.
- The property must be assessed, and a suitable value found upon completion.
- Offer letter (for Home Purchase, Developer Construction and Employee Mortgage Scheme).
- Bill of quantities, building plan and permit (home improvement and developer construction).
- Property Title documents (For title search).
- Loan will be approved subject to a positive credit bureau report.
- Personalised interest rates.
- Interest rate is variable and attached to the prime lending rate.
- Interest is calculated daily and debited to the account at the end of the month.
- A once off initiation fee is charged for new loans.
- A monthly service/ management fee is charged.
- Early settlement fees (1 month interest).
- Legal fees is paid to the Bank appointed lawyer.
- A full range of charges can be found in the latest Pricing Guide.
- You can visit the nearest branch or contact Home Loan Consultant for details on how you can be assisted on +266 2221 2754/56.
- You can also call the Standard Lesotho Bank Contact Center for guidance on 8002 2221, or 2221 2221.