Equity release
A home loan variant where clients can unlock the value from their existing property and take a loan to use the cash released for a variety of personal needs - including the purchase of another home or prime land, business expansion or funding education.
What is it
- Maximum loan amount: we can offer up to 80% loan of the market value.
- Minimum loan amount – M 100,000.00.
- Debt to income ratio – should not exceed 50/60% of net salary.
- Loan Term up to 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.
How it works
- Individuals 18 years or older.
- Minimum joint net monthly income of 45/50% and 50/60% 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. A Valuation Report from one of our approved valuers.
- 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.
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What is it
-
How it works
-
What it costs
-
How to get it
- Maximum loan amount: we can offer up to 80% loan of the market value.
- Minimum loan amount – M 100,000.00.
- Debt to income ratio – should not exceed 50/60% of net salary.
- Loan Term up to 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.
- Individuals 18 years or older.
- Minimum joint net monthly income of 45/50% and 50/60% 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. A Valuation Report from one of our approved valuers.
- 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.