StanChart Bank starts home loans
STANDARD Chartered Bank on Friday launched the residential mortgages facility dubbed ‘My home loan’ increasing competition in the lucrative market.
By Sylvia Juuko
STANDARD Chartered Bank on Friday launched the residential mortgages facility dubbed ‘My home loan’ increasing competition in the lucrative market.
Customers can use the facility to purchase, complete or renovate homes and borrow against property.
The facility can also be used for refinancing where customers can transfer existing mortgages from other financial institutions.
Odongo Ogwal, the general manager, said the bank will finance up to 80% of high premium residential properties over a period of 15 years.
“Our loan amounts are from a minimum of sh20m and a maximum of sh800m.
“The method of payment is equal monthly instalments which include the principle component and the interest.
“This facilitates planning and management of your assets going forward,†he said during the unveiling of the product at the Kampala Serena Hotel.
Ogwal explained that the mortgages will be priced at the base lending rate which he said was a default rate given automatically when customers access the products.
“Our interest rate is highly competitive and we priced in the risk. Where the risk profile is very low, you will benefit by way of a lower interest rate,†he said.
The bank is targeting salaried workers, executives, senior managers and self-employed individuals including Ugandans living abroad.
Lamin Manjang, the chief executive officer, said the product was in response to “a huge demand for mortgage financing.â€
“We are positioning the bank as responsive by providing products and services that customers want,†he said.
STANDARD Chartered Bank on Friday launched the residential mortgages facility dubbed ‘My home loan’ increasing competition in the lucrative market.
Customers can use the facility to purchase, complete or renovate homes and borrow against property.
The facility can also be used for refinancing where customers can transfer existing mortgages from other financial institutions.
Odongo Ogwal, the general manager, said the bank will finance up to 80% of high premium residential properties over a period of 15 years.
“Our loan amounts are from a minimum of sh20m and a maximum of sh800m.
“The method of payment is equal monthly instalments which include the principle component and the interest.
“This facilitates planning and management of your assets going forward,†he said during the unveiling of the product at the Kampala Serena Hotel.
Ogwal explained that the mortgages will be priced at the base lending rate which he said was a default rate given automatically when customers access the products.
“Our interest rate is highly competitive and we priced in the risk. Where the risk profile is very low, you will benefit by way of a lower interest rate,†he said.
The bank is targeting salaried workers, executives, senior managers and self-employed individuals including Ugandans living abroad.
Lamin Manjang, the chief executive officer, said the product was in response to “a huge demand for mortgage financing.â€
“We are positioning the bank as responsive by providing products and services that customers want,†he said.