Standard Chartered Bank offers customers mortgage loan amounts of up to UGX2.5Bn. Mortgage loans are used to purchase a property or to borrow money against the value of a home you currently own. Additionally, another name for a mortgage Loan is a home loan.
Whatever you need to know about the standard chartered bank mortgage loan has been packaged in this article.
For example, if you’re looking to find out about the benefits, how to get the standard chartered bank home loan, what you need to bring to the bank, and if you qualify have all been listed.
Benefits of the standard chartered bank mortgage loan
Since you’ll probably be repaying your mortgage over a long period, it’s crucial to find a loan that fits your demands and budget.
So here are the perks to expect when you get the standard chartered bank mortgage loan
- Take advantage of flexible repayment terms of up to 25 years.
- Higher loan amounts are available, and existing property can be used as collateral.
- Enjoy high Loan amounts of up to UGX2.5Bn
Features & Charges
Valuation fees
Typically, this is expressed as a percentage of the home’s appraised worth.
Loan Amount of up to UGX2.4 Bn
Your income eligibility and Standard Chartered Bank’s credit policy will determine the loan amounts you can get.
For the estimation, you are encouraged to use a loan calculator available on there website.
Loan Tenor of up to 25 years
Based on your age, the loan’s term can vary.
Legal fees
Typically, this represents a portion of the loan amount. A roster of reputed law firms that work with the bank to support this procedure is available.
Stamp duty
This tax is imposed by the government on all real estate transactions, including mortgage registrations, and it is calculated as a percentage of the assessed value of the property.
Fire and perils insurance
This is a payment made directly to the insurance provider and protects against potential property loss from things like fire, floods, and other calamities.
The bank has pre-negotiated preferred pricing with a panel of insurance providers, and it maintains this panel.
Credit life Assurance
As offered by a third party, this covers Death, Disability, Retrenchment & Last Expense.
Requirements (Eligibility & Documents)
Eligibility
- Ugandan citizens, permanent residents, and expatriates can apply.
- Someone above the age of 21
- Directors and employees of well-known SMEs and respectable enterprises have been paid a consistent monthly salary for the previous 12 months.
- Professionals who are self-employed and have consistent, verifiable income
- Customers who are salaried or self-employed and who meet the qualifications
Documents
Personal Information
- Copy of National ID/passport
- Copy of Financial card
- Completed and signed the application form
- 3 color passport-sized photos
- Well-completed Key facts document
Information regarding your property (home)
- Copy of title deed
- Approved building plans
- Sale agreement
About your income
Persons that receive a salary
- The paychecks for the past three months
- A certified letter from your company outlining your employment terms—which should contain your salary, position, length of service, and retirement age—should be included.
- Certified copies of six months’ worth of bank statements
- Statements for loans, if any
Your other sources of income
- Attach six months’ worth of paychecks for commissions and benefits.
- Extra documentation requirements for foreigners and non-resident Ugandans
- A copy of a current work or residency permit
- Most recent credit bureau report from the applicant’s country of residence
- The embassy of the host nation in Uganda must complete a full translation of any document written in a language other than English.
- A notary public must notarize every document.
Self-employed persons
- Valid Trading License
- Proof of ownership i.e. company form 7
- Memorandum and articles of association
- Credit reference bureau for entity and borrower
- 12 months’ worth of bank statements (both for personal and business accounts)
- A letter from the company verifying the wages and benefits of the directors
- A partnership agreement that details the profit-sharing ratios
- Certified copy of a business registration document or incorporation certificate
- A copy of a current practicing certificate for independent professionals
How to apply for the standard chartered bank mortgage Loan
To apply you can visit the standard chartered bank online websites and fill in an application form.
They will request your name, phone number, and email address.
You’ll also need to declare your net income in UGX and tick a box for what you’re interested in. After that, you can wait for them to contact you in the shortest time possible.
Alternative two is to visit the standard chartered bank office near you and personally request a mortgage loan. A representative will guide you on the right steps to take.
Conclusion
Although it can be complicated to understand if it’s your first time, the mortgage procedure is a crucial aspect of becoming a homeowner for many purchasers.
Use the above information to your advantage and you won’t have as much trouble understanding how the standard chartered bank mortgage Loan works. For more information, please visit your nearest branch and present your queries.
