Mortgages

Bank Requirements (New Business)

What does ZB Bank require if, 

1. I am purchasing an existing Property?
2. Building or Extending my property?
    

Listed below are the standard requirements, but additional requirements may be requested for as they vary from product to product and individual assessments.

Existing Properties (Salaried Individuals)

1. Agreement of sale
2. Proof of payment of deposit
3. Copy of title deeds or proof of survey if title deeds not yet available
4. Original pay slip and letter from employer confirming employment details
5. Current bank statements going back for three consecutive months
6. Letter of Comfort from ZB Group Human Resources (if staff application)
7. Certificate of Balance if take over from another financial institution
8. Certified copy of Owners’ Association Constitution (if in a block of flats)
9. Certified copy of Notarial deed on flats (if purchase of flat)
10. Copy of block Fire Insurance Policy (if purchase of flat)
11. Introduction and Support investment letter for Employer assisted Scheme applicants
12. Certified copy of national identity document
13. Written statement of purpose of loan application
14. Completed and singed ZB Mortgage Bond application form
15. Completed and singed ZB Life MPP application form
16. Opening of or confirmation that customer holds a savings / current account with ZBFH Group

Building & Improvements (Salaried Individuals)

As with 10.1 above and also to include

1. Approved plan
2. One fix and supply quotation from a registered, reputable builder / contractor or,
3. Bill of quantities and supporting quotations for material and labour 
4. Soil Test report if required
5. Engineers report if required 
6. Builder’s lien if required 
7. Performance guarantee if required

Existing Properties (Self Employed Individuals & Corporate)

1. Agreement of sale
2. Proof of payment of deposit
3. Copy of title deeds or proof of survey if title deeds not yet available
4. Certificate of Balance if take over from another financial institution
5. Copy of life policy document (endowment) – Prefer and currently mandatory to take up new ZB Life MPP were applicable
6. Certified copy of Owners’ Association Constitution (if purchase of flat)
7. Certified copy of Notarial deed on flats (if purchase of flat)
8. Copy of block Fire Insurance Policy (if purchase of flat)
9. Certificate of incorporation
10. Memorandum & Articles of Association
11. Current Bank statements for the last 12 consecutive months
12. Proposal for incremental Retail business
13. Certified copies of identity documents for all the Directors
14. Proof of residence for all directors
15. Certified Copies of CR-14 (Current Directors) , CR-6 (Current Shareholders and numbers of shares held)  and CR-2 (Shareholders or Sponsors physical contact addresses) forms
16. Certified Copy of Tax Clearance Certificate ITF263
17. Company profile (to include trade referrals and contact details both physical and electronic)
18. Audited Financial Statements, which are:
    1. Balance Sheets for immediate past 3 years (including Month-on-Month statement on the current financial year)
    2. Trading & profit and loss statements for immediate past three years  (including Month-on-Month statement on the current financial year)Current Debtors age analysis (30 days, 60days, Over 90 days)
19. Current Creditors age analysis (30 days, 60 days, Over 90 days)
20. Cash Flow Projections for period matching the facility under request
21. Statement of purpose of loan on original letterhead in customer's own terms
22. Resolution by Directors to borrow
23. Completed and singed ZB Mortgage Bond application form
24. Completed and singed ZB Life MPP application form were applicable
25. Opening or confirmation that customer holds a savings / current account with ZBFH Group
     

Building & Improvements (Self Employed Individuals and Corporate)

As with 10.3 above and also to include

1. Approved plan
2. One fix and supply quotation from a registered, reputable builder / contractor or
3. Bill of quantities and supporting quotations for material and labour 
4. Soil Test report if required
5. Engineers report if required 
6. Builder’s lien if required
7. Performance guarantee if required

Mortgages Interest Rates

The issue of interest rates is one which can be extremely sensitive and it is important that we understand how they are applied. It must always be remembered that these rates are subject to change from time to time. For the time being the rates applicable to a mortgage Bond depends on the following:

1. Negotiated Schemes (regardless of amount of bond or density).
2. The amount of bond (high density only).
3. Whether the property is being purchased for residential, commercial or industrial use.
4. In the case of residential properties it must be determined whether it is owner occupied or non-owner occupied. See the table below.