Experience the joy of living in your dream home sooner than you ever thought possible with the Zanaco Construction Mortgage. The Bank shall finance ground up and completion construction for Zanaco Customers.
BENEFITS
Customer can construct their desired home using their own design
Timely completion of the project
Construction loans are paid in stages. The benefit of this is that the you only make payments on the money that has been provided rather than the entire amount
FEATURES
The Bank will finance 100% of the cost of the Bill of Quantity (BOQ).
Maximum tenure of 20 years
Construction must be completed in 12 months
WHO CAN APPLY
Employed and self-employed customers
Customers with rental income (on case by case basis)
REQUIREMENTS
Customer must have a Plot with a Certificate of Title in areas approved by the Bank and Title must be in applicants name
Customer must have approved site plans and house plans by the Council
Customer must have approved drawings by the Planning Office to commence the construction
A list of Bank approved contractors. Contractors must be registered members of National Council for Construction
A list of Bank approved project managers who will be responsible for Quality Assurance
A list of Bank approved valuers to value the property once it is completed
A list of Bank approved lawyers to prepare mortgage deeds and the registration of the mortgage
Contractors all risk insurance to cover the property while under construction
Any contracts being signed by the customer and the contractor must be witnessed by a lawyer to ensure that the interest of the customer is taken into account
