Utility Tools
Home Loan
A house is more than an investment – it’s a place to call home and create memories that will last a lifetime. Invest in your future with a Standard Lesotho Bank Home Loan. We have simplified the process of buying, building or improving your home.
What it offers you
· A minimum loan of M100 000; maximum loan determined by your repayment ability
· Loan is payable for up to 20 years
· You can apply to increase the principal amount on your existing home loan depending on the market value of your property
· You can apply for an AccessBond on your existing home loan whenever you need extra funds
· You need to take out homeowners’ insuranceon 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 changes in line with the prevailing prime interest rate.
What you need to apply
· Have been permanently employed for at least three months
· Earn a minimum net monthly income as per prescribed terms
· Be a citizen of Lesotho aged between 21 and 55 years.
Visit your nearest branch with the following documents:
· Your 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 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 and references)
· Proof of income
· Identification
· Down payment (if your employer doesn’t have a Group Scheme agreement with us)
· 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
· AccessBond (allows you to draw capital repaid up to a set limit, relative to the registered bond)
· Existing home loan
· Proof of income
· Application form.
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