Stanbic Bank chief executive Solomon Nyanhongo said inflation adjusted net interest income closed the period at $429 billion, exceeding prior period income of $299 billion by 44 percent.

Stanbic launches diaspora home loans facility

STANBIC Bank has launched a Diaspora Home Loans Facility as part of a wider mortgage finance plan to ensure that Zimbabweans at home and abroad enjoy the basic human right of having a roof over their heads.

In a statement yesterday, Stanbic Bank Zimbabwe head of client solutions Tich Zuze said the leading financial services institution is committed to contributing towards ensuring that Zimbabweans in the diaspora build or purchase a house back home through the facility.

 “We have established a well thought-out Diaspora Home Loans facility through which Zimbabweans living abroad can acquire completed houses, construct new properties, undertake property improvements and equity release,” Zuze said.

He said the Diaspora Home Loans package had flexible terms and conditions and is backed up by Stanbic’s Home Loans desk.

 “Stanbic is aware that a house is one of the most important investments any one can make and the Diaspora Home Loans facility plays a pivotal role in ensuring Zimbabweans in the diaspora enjoy a sense of belonging and achievement in the knowledge that they have a house back home,”  he said further.

For one to be eligible for the Diaspora Home Loans facility, they need to provide the Know Your Clients (KYC) documents together with proof that one has a secure job in the diaspora such as stamped letter of introduction from employer confirming salary, retirement age, and contract of employment “which should be long enough to cover loan term and certified six months bank statements through which salary is paid”.

The applicant of the diaspora home loan would also need to provide a local address to which Stanbic Bank will serve documents and or notices and service of process when need arises.

Zuze said other documents include completed Home Loan application form and having a minimum 24 months duration of employment with the same employer while proof of extra income is an advantage.

“The comprehensive list of the requirements is accessible via the bank’s website and one can visit any Stanbic branch to get further assistance,” Zuze said.