Our Home Loans are basically mortgage on residential properties. We have several products offered under Home Loans.
These are:

• Ordinary Home Loan. This is available to purchase a house

• Home Improvement Loan. This is available to any home owner for renovations and refurbishments

• Completion Loan. This is available to enable one to complete a residential structure that they are already putting up

• Re-finance/ Easy switch. This loan can be used for buying out an existing home loan you may have with another lending institution, so as to take of better terms and service

• Further advance. This is for existing Home Loan customers to make improvements to property

• Re-advance. This is for existing Home Loan customers who may, after repaying a portion of the Home Loan, would like to borrow all or part of the loan amount again

• Access bond – This is available in two ways
- For customers with excess equity in the home loan that can be used as a money management tool to ‘park’ additional funds
- For financially astute customers who wish to use this as a money management tool

The maximum age of eligibility to get a loan is 65 years

Home Loans can be granted to one or more individuals, married couples, companies, informal bodies that may legally buy property in Uganda and have a proven source of income.

Why a Stanbic Bank Home Loan over any other?

The Stanbic Bank Home Loan has the following unique advantages:

• Accelerated payments are allowed at no cost

• Access bonds where a borrower can access to money already paid back on the
loan at no cost

• Insurance for the property and life of the borrower at very competitive rates

• We finance up to 80% of the market value

• Maximum repayment period of twenty (20) years

You require the following to get a Home Loan:

1. Proof of income

• 6 months bank statements

• Proof of employment from employer

• Copy of employment contract

• Pay slips of 3 consecutive months

2. Property details

• Copy of the land title

• Valuation report (by the Bank’s approved valuers)

• Sale agreement

• Bills of Quantities (for home improvement and completion)

• Copy of Approved Plan (for home improvement and completion)

3. Valid Identification by applicant.

• Copy of passport and employment identity card.

• Two passport size photos

Question: Is this a loan or a mortgage?

Answer: This loan is a mortgage on residential properties. You can use this loan to buy a residential property, make home improvements, complete a house or to release equity.

Question: What is the difference between this product and any other loan?

Answer: A Home Loan offers a longer repayment period with flexible repayments. You can also accelerate your repayments at no penalty. Insurance for Life, the property and the security is the mortgage itself.

Question: What mechanisms are in place to see that the loan is repaid?

Answer: Repayments are made by standing order loaded on to the borrowers account. To qualify for a specific loan amount, your monthly repayment has to be within 30% of your net income to ensure comfortable repayment. The property title is also held as security on the loan.

Question: In the event that a dies before completing loan repayments, how will you recover the money?

Answer: There is a mortgage protection policy that covers the life of the borrower for death and permanent disability. In case of death, the insurance company pays off the loan. That way, the dependants do not have to bear the burden of repayment.

There is a free cover limit of up to UGX 140 Million under which clients do not have to go for medicals.

Question: What if I lose my job before I complete repayment?

Answer: If a borrower loses their job, one is advised to inform the Bank immediately and identify another source of repayment. They will then be given up to 90 days to make/ continue repayments. If this is not possible one can arrange to sell off the property, after which they can pay off the Bank and keep the balance, if any.

To apply for a Home Loan, please contact any Stanbic branch or click on the link below to download an appication.

Download Application (PDF)