Qualifications and Requirements

Target Group
- Individuals ( Salaried employees or self employed)
- Institutions ( profit making or non profit oriented )

Requirements

Individual
- Buying or Constructing; Offer letter / sale agreement
- Identification document ( Passport or drivers licence)
- Income documentation (3 most recent payslips or letter of salary confirmation from employer or 6 months recent bank statements for self employed).
- Copy of certificate of lease or land certificate.
- Bills of quantities and approved plans (building)
- A valuation report from a registered and bank approved valuer/ quantity surveyor ( buying or building )
- An NBS Bank active account aged 6 months and above

Institutions
( In addition to the above requirements)
- Memorandum / Articles of Association
- Board resolution to borrow from the bank.
- Audited accounts for preceding financial periods plus latest management accounts.

Facility amount
80% collateral value

Interest rate
- Base lending rate (owner occupied)
- Base +2.5% (for renting purposes)
- Base +2.5% ( Commercial buildings)
- Base + 2.5%( Personal Loan against mortagage )

Term
- 180 month maximum for occupational mortgage
- 120 month maximum for rental mortgage.
- 60 month for commecial morgage and personal loans against mortgages

Characteristics
Interest calculated on reducing capital balance basis Monthly, Quarterly, biannually repayments

Availability
Mortgage Department (Head office) and Capital City Branch (Lilongwe)

Benefits
- Property gets insured against loss due to fire and other natural causes
- Borrower’s life is insured to protect the mortgage (funds used to liquidate or reduce loan amount upon death of borrower)
- NBS Bank mortgage can also be used to build anew house.