Standard Chartered Bank Botswana, a leading lender, has become the first industry player to provide 100 percent funding to home buyers, it emerged this week.
The country's oldest bank announced that effective September 1, 2015, qualifying clients will be free to walk into their banking halls to access the 100 percent property funding product. The bank said this is part of their business model that is focused on value creation by building strong relationships with clients and providing solutions that meet their evolving needs.
“In a currently challenged property market, it has become increasingly difficult to buy property. This proposition will make it possible and affordable especially for first time home buyers to access property finance” said Charlotte Mathula, Africa Head of Mortgages and Auto Loans, Standard Chartered Bank.
Like other banks, Standard Chartered bank has also been affected by the recent liquidity crises, which nearly brought the industry down. However, the bank’s spokesperson said the bank is financially sound to support the new offering. “Looking at our just released half year results, the bank is liquidity and has a robust balance sheet,” maintained Tumie Ramsden.
The financing will cover outright purchase only and a full amount of the purchase price. Salaried clients with a minimum net income of P3, 000 are eligible. Under the leadership of Moatlhodi Lekaukau, a local, the bank has grown to become one of the industry brands, funding mining, property, manufacturing, farming businesses, just to name but a few.