First National Bank FNB Zambia : Home Owners Cover

Name of the Organization : First National Bank, Zambia
Type of Facility : Home Owners Cover
Applicable Country : Zambia

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

Home Owners Cover :

Home Owners Cover insures the house and any structural improvements to the property.

Related : First National Bank Zambia Apply For Building Loan : www.statusin.org/6546.html

What the Home Owners Cover offers me:
** Your property is covered from the first day that you take ownership
** Cover is placed on your behalf by the bank
** You may choose your insurer of choice

What this allows me to do:
** When you open a transactional account, Home Owners Cover can be automatically arranged
** Insurance premiums are debited directly from your transactional account

What documents do I need?:
If you choose your own insurer, proof of alternative insurance must be provided annually. and meet the banks minimum requirements.

On Date of Application:
** A signed offer to purchase from FNB approved developers
** Proof that the applicant is between 21 and 55 years old
** A clear credit record
** The finance must be used to build or alter a residential property
** The building loan is only available to individual, joint applicants and property owning juristic entity. e.g. Sole proprietary partnerships and private companies
** Proof that the builder, contractor or subcontractor is registered with the NCC (National Construction Council of Zambia) for all new dwellings.
** An upfront deposit portion will be required by the bank from the customer to make up the deficit/ shortfall. This will be the difference between the cost of the project and the amount granted by the bank. A minimum deposit of 10% of the total package price (land + contract amount) is required in all instances. The deposit will be based on the lower of the total package price, or FNB’s assessed market value on completion.
** A Declaration of debts
** A letter from your employer

Prior to Registration of the Bond:
** FNB Waiver of Builders Lien
** Proof of Contractor’s All Risk Insurance Cover

Prior to any Progress Payments from the Loan:
** BOQ schedule of work completed

Need:
** Signed offer
** Age between 21 & 55
** Clear credit record
** Build or alter resident
** Available to individual
** Registered builder
** Upfront deposit portion
** Declaration of debts
** Employer’s letter
** Waiver of Builders Lien
** Contractor’s Insurance
** BOQ schedule of work

Contact Us:
Call +260 211369 309 ,+260 211369 312

About Us :
FNB can trace its origins back to the Eastern Province Bank, which was formed in Grahamstown, South Africa in 1838. By 1874, the bank had four 4 branches – Grahamstown, Middelburg, Cradock and Queenstown.

Due to a recession, the bank was bought out in 1874 by the Oriental Bank Corporation (OBC). However, as a result of financial difficulties being experienced in India, the OBC decided to withdraw from South Africa. The Bank of Africa was subsequently formed in 1879 to take over OBC’s business in South Africa.