FNBB empowers first time home owners

First National Bank Botswana (FNBB) has launched a new mortgage known as the 105 percent Mortgage Offering solution.

The solution offers 100 percent financing for first time home ownership and five percent legal and administration fees cover. FNBB Head of Home Loans, Kelebogile Mading said the mortgage offering will benefit both aspiring home owners and the local property sector as it will empower prospective owners to purchase homes.

She said in turn this will stimulate the real estate market especially developers, to increase housing developments in order to capitalise on the increased potential for sales.

“We have identified that a substantial portion of the population is looking for property to buy within urban and peri-urban areas. However, the fees associated with home acquisition are substantial and customers require assistance in this regard. We therefore took it upon ourselves to provide a solution that caters for the needs of first time home owners and eliminate the financial constraints of paying deposit and legal fees,” said Mading.

She explained that the 105 percent mortgage solution finances purchases in urban areas whether an apartment or a house of up to P1, 200, 000.00 inclusive of respective legal fees.

“Candidates that qualify but are not currently FNB customers need not worry as they will be assisted with opening their new FNB cheque account to process their loan application. Through the FNB 105 percent Home Loan finance solution, owning a home in Botswana is now more affordable than ever before,” said Mading.

She said they have also revised the loan tenure upward to 25 years from the previous 20 years to boost both affordability and offer relief in the form of reduced instalments. In 2014 FNBB partnered with Botswana Housing Corporation to offer a 100 percent mortgage solution to encourage BHC sitting tenants to buy houses.