Apply For Completion Loan FNB Zambia : First National Bank

Name of the Organization : First National Bank
Type of Facility : Apply For Completion Loan
Country : Zambia

Website : https://www.fnbzambia.co.zm/

Apply For Completion Loan :

A home loan that allows you to build a home with an NCC registered builder.

Related : First National Bank Zambia Apply For Smart Loan : www.statusin.org/6547.html

What the Completion Loan offers me:
** Access to up to 40% of funding to complete your house
** Funding against the Bill of Quantity
** The fact that FNB will control payout on progress payments as per your instruction
** A process where the first instalment payable on the loan is due in the first month following disbursement of the loan

What this allows me to do:
** Change your Building Loan to a normal Home Loan once the building is complete
** Build a home with an NCC registered builder
** Complete the building of an existing home

Qualifying Criteria:
** Applicant must between 21 and 55 years
** Clear credit record
** The finance must be used to complete a residential property
** The building loan is only available to individual, joint applicants and property owning juristic entities. e.g. sole proprietary partnerships and private companies
** The builder, contractor or subcontractor must be registered with the NCC (National Construction Council of Zambia) for all new dwellings
** Debt Service Cover Ratio (DSCR) needs to be less than or equal to 35%

How does it work?:
** You have 12 months to complete the building. Construction work must commence within the first 3 months following registration.
** Your loan term is limited to 240 months.
** You pay interim interest and capital on the Loan until the building is complete. Once it is complete, normal capital and interest payments become payable. If the construction period takes longer than 12 months, interest and capital become payable once the 12 month period allocated to the construction expires (unless you have obtained approval from the bank to extend the building period).
** You will be limited to the variable interest rate until the building has been completed.
** You can apply for progress payments at any stage during the construction process, provided that sufficient work has been completed and the bank is satisfied with the progress. A maximum of six progress payments will be allowed, based on the work completed.
** The application will be assessed on receipt of the necessary documentation in line with the policy and lending criteria of the bank. If for any reason during the period of construction, your credit profile deteriorates, the bank reserves the right to retain the redeemable amount.

What documents do I need?:
** Three months’ recent payslips and 6 months’ bank statements
** If self-employed, audited financial statements or management accounts for the past three years
** Marriage certificate if applicable
** Proof of residence – water or electricity bill in own name, letter of reference (employer or bank account holder), valid Voters Card or affidavit
** Valid ID – NRC, passport , drivers license
** Completed application form
** Two passport size photos (can be taken at the branch)
** Building pictures
** Approved building plans
** Bill of Quantities[On remainder left to build]
** Schedule of finishes
** Schedule of inspection from the council
** Declaration of debts
** Letter from employer

Apply:
Call me back: https://www.fnbzambia.co.zm/

Contact:
+260 211 369 309
+260 211 369 312