Mortgage Loan Requirements
- The following documents should be submitted:
- Original Agreement of sale between the seller of the property and you, the purchaser
- Copy of the title deeds for the property being bought
- Current payslips for the past three months
- Current 3 months Bank Statements where salary is coming through
- Loan statements (if individual is borrowed elsewhere)
- Copy of ID ,certified
- 2 passport size photos
- Proof of residence in form of Utility bill or letter from employer confirming residence
- Proof of employment e. g Contract of employment or confirmation letter of employment stating retirement age
- Copy of Marriage certificate (for joint applications)
- Approved building plan (for building loans)
- Bill of Quantities by a registered quantity surveyor (for building loans) -quotations required on drawdown of facility.
- Certificate of compliance from Council, Verification of title survey certificate from Surveyor General and site plan (where title deed is not yet available)
- Council stage approval form (for building loans where construction has commenced)
Special Requirements For Diaspora Clients
In addition to the mortgage requirements stated above, a diaspora client should also provide the following:
- Special Power of Attorney for person signing the documents on behalf of applicant and their Know Your Customer (ID and proof of residence and passport size photo) documents.
- Credit reference report ,e.g. Experian ,Equifax, Trans Union Credit Reports
- A notarized affidavit signed by a notary public confirming identity, residence and work status.
- Letter from employer confirming salary, retirement age and contract of employment
- Work permit (where applicable)
- Residence permit (where applicable)
- A local address to which Homelink (Pvt) Ltd will serve documents
- Certified copy of Zimbabwe Passport
- Current proof of residence in the diaspora (less than 3 months)
NB: For joint applications both applicants should furnish the same personal documents
Additional Requirements (Where Applicable)
Ordinary Mortgage loans for properties in company names:
- Board Resolution (on company letter head) to sell the property signed by at least 2 directors. Resolution should state the name of person authorized to sign on behalf of the company.
- Certified copy of Certificate of Incorporation
- Certified copy of CR14
- Certified copy of CR6
- Memorandum and articles of association
- Certified copy of national ID for the person who is representing the company.
Ordinary Mortgage loans for properties in the name of a Trust
- Certified copy of the Trust Deed
- Trustees Resolution to sell the property or to buy. Resolution should state the name of person authorized to sign on behalf of the Trust.
Purchase of property owned by a deceased
- Certified copy of the letter of administration issued by the High Court should be submitted.
- Certified copy of the letter from the High Court authorizing the sale of the property making reference to Section 120 of the Administration of Estates Act (Chapter 6:01).
- Certified copy of the Death Certificate.
**Certified Copy of the Special Power of attorney should be submitted for all loans where either the borrower or the seller is being represented by a 3rd party.
Homelink will then send the property you intend to buy for valuation after submission of the above documents & you pay for the valuation fees (range from $300 to -/+ $450)
Once your application is successful you need to pay the following (within 2 weeks of our offer letter):
- 0%-30% deposit of the property price
- 2% of the loan as processing fee
- 1% of loan amount as supervision fee (for building loans)
- Annual homeowners 0.12% of property replacement value and mortgage life protection 0.45% of loan balance
- Transfer and bond fees, which are approximately 11% - 13% of the value of the property.
Loan Tenure is: 15 years; Interest rate: 11.8% p.a. (Local) ,10% p.a. (Diaspora)