Home Loans

What it offers you

  • You can apply for a minimum of M100 000. The maximum amount is determined by how much you qualify for
  • The loan is repaid over a maximum of 20 years
  • You can apply for the principal increase on your existing home loan depending on the market value of your property (we finance up to the market value of the property)
  • You can apply for an AccessBond on your existing home loan whenever you need extra funds
  • You need to take out homeowners insurance on your home loan or cede your own policy with the value equivalent to the amount of the loan, which will give you peace of mind knowing that your loan will be paid in full in the event of death
  • The interest rate is linked to the prime lending rate and is based on your risk profile.
  • When the prime interest rate changes, your minimum repayment amount also changes in line with the prevailing prime interest rate.

 

What you need to apply

You can apply for home loan through Private Banking if you:

  • Have been permanently employed for more than two years
  • Earn a net monthly income of M23 800 or above
  • Are a citizen of Lesotho aged between 21 and 60 years or 65 years (if pensionable at 65 years old)
  • Temporary resident aged between 21 and 60 years, and provided you buy/build property. The loan must be repaid within your contract period.

Your Private Banker will handle your application, and ensure that a credit assessment is done on your behalf.  You will need to give us the following documents:

  • Identity document
  • Proof of income
  • Bank account details
  • Employer's details
  • Any existing Standard Lesotho Bank Home Loan details if applicable.

Documents required for:

  • Building a house
    • Lease
    • Properly design plan
    • Building permit
    • Contractor’s quotations (Contractor must give us the following: trader’s licence, licence from Ministry of Works, income tax clearance certificate, references)
    • Proof of income
    • Identification
    • Ministerial consent to mortgage from LSPP
    • Down payment
    • Where the arrangement is “turnkey”, the builder must give us an audited set of financials and credit reference if necessary.
  • Buying a house
    • Lease
    • Deed of Sale drawn up by an attorney
    • Proof of income
    • Identification
    • Down payment.
  • Home improvement
  • Lease
  • Properly designed plan
  • Building Permit
  • Contractor’s quotations (Contractor must give us the following: trader’s licence, licence from Ministry of Works, income tax clearance certificate, references)
  • Proof of income
  • Identification
  • Ministerial consent to mortgage from LSPP
  • Down payment.

Where the arrangement is “turnkey”, the builder needs give us an audited set of financial and credit reference if necessary.


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