Stanbic taps into diaspora market

October 28, 2021

BUSINESS REPORTER

 

Financial services concern, Stanbic Bank, has launched a facility in which it offers home loans to Zimbabweans living outside the country as it seeks to grow interest income.

Over 3 million Zimbabweans are living outside the country in  South Africa, the UK and the US and remit money monthly to support families back home.

The facility, Diaspora Home Loans, is part of a wider mortgage finance plan by the leading financial services institution whose goal is to ensure that Zimbabweans at home and abroad enjoy the basic human right of having a roof over their heads.

Stanbic Bank Zimbabwe Head of Client Solutions, Tich Zuze said the financial 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 has flexible terms and conditions and is backed up by Stanbic’s Home Loans desk which is available to attend to them in need.

“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,” Zuze said.

For one to be eligible for the Diaspora Home Loans facility they need to provide the usual Know Your Clients 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 6 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.

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

The comprehensive list of the requirements are accessible via the bank’s website and one can visit any Stanbic branch to get further assistance.

 

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