Apply For Home Loan : Indo Zambia Bank

Name of the Organization : Indo Zambia Bank
Type of Facility : Apply For Home Loan
Country : Zambia

Website : http://www.izb.co.zm/english/izbhomeloan.aspx

Apply For Home Loan :

Eligibility:
** Salaried employees with Government/Semi-Government Institutions, Corporate and reputable business houses.
** Professionals such as Doctors, Accountants, Lawyers etc.
** Self employed people with proven regular income.

Related : Indo Zambia Bank Apply For Auto Finance : www.statusin.org/6578.html

Purpose:
Outright purchase, construction of new houses and renovation, extension of existing houses

Quantum Of Loan:
Minimum 20% of the project cost

Repayment Period:
Repayment period not exceeding 120 months. The repayment period not to exceed the left over service period in case of salaried employees. Grace period of up to 6-12 months is allowed in case of construction of house.

Deductions:
Total loan deductions including installment on home loan should not exceed 50% of salary net of statutory deductions.

Interest Rate :
BOZ Policy Rate plus margin

Processing Fee :
2.5% of loan amount (one time) .For loans repayable beyond 36 months 3% of loan amount.

Insurance :
Full Insurance cover against death, permanent disability, insanity or any chronic illness resulting in inability to perform duties.
House owners insurance to cover risks such as fire, floods and other perils.

Security:
Legal mortgage/Charge over property financed.

Requirements:
** Customer to complete our standard Home loan application form attaching the following:
** Letter of offer in case of purchase
** Council approved plan in case of construction/extension
** Bill of quantity in case of construction/repairs/renovation/extension by a professional.
** Copy of title deed
** Copy of pay slip or proof of income in case of self employed.
** Copy of NRC of the vendor.

Benefits:
** Attractive rate of interest.
** Quick processing time
** Full insurance cover
** Flexible repayment terms
** In case of couples, income of both parties is considered.
** Guaranteed Home solutions.

Contact:
Please contact your nearest branch for further details

About Us :
Indo Zambia Bank was incorporated in October, 1984 is a joint venture between the Government of the Republic of Zambia and the Government of India represented through its three large public sector banks: Bank of India, Bank of Baroda & Central Bank of India.

Each contributing 20% share capital with the remaining 40% contributed by the Government of the Republic of Zambia which is currently held by Industrial Development Corporation(IDC).

Contact Us :
Indo Zambia Bank
Plot No. 6907, Cairo Road,
P.O Box 35411, Lusaka

FAQs :
Are there any charges from Bank?
No. This facility is provided FREE OF CHARGE *. Bank may decide to charge for the service at any later stage.

Can I change my mobile Number and still continue to avail the service?
Yes. You have to inform the new mobile Number to your branch.

What if my account is a Joint account?
In the case of Joint accounts, all the joint customers need to sign in the application form. The Alerts will be provided to only one mobile phone and the customers to give mandate to this effect.

Can I terminate this service?
Yes. You can terminate this service by giving an application to the branch.
Can I register my Loan Account for this facility?
No