FAQ - Zambian Home Loans

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info@zambianhomeloans.com
02 (11) 254 325

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Frequently Asked Questions

Build your dream home today!

Your first choice in financing your dream home.

Is ZHL a lender?

Yes, ZHL provides services to you as well as the financing to build your home.

Do I have to meet with ZHL?

We recommend meeting with one of our sales team to discuss the application and building process. Building a home is big project and a face-to-face meeting will help answer the many questions that you have.

Can I design my house according to my own tastes?

Yes. You deserve your dream home. Our only priority is to work with you up front to ensure that you can afford to pay for the house that you want. This is why we spend time with you working out how much money you need and how much you can afford.

Can I choose my own building contractors?

The whole point of owner-managing your project is to build you house as cost effectively as possible. Smaller contractors are often significantly cheaper that large, registered contractors and you are free to choose them. You are fully in control of choosing your contractors. However, we do keep a list of contractors that have (in our experience) performed poorly and we reserve the right to request that you don't use them.

What interest rate does ZHL charge?

ZHL charges a market linked rate that changes in line with movements in the ruling interest rates. Feel free to call our team to get a good idea of what rate you might qualify for.

What if I don't have legal title for my plot?

ZHL specialises in arranging secured mortgages which do require legal title, however if you don’t have title, we may be able to assist you in obtaining your title in certain circumstances.

I’m not sure how much money I need to complete my house. What size loan should I apply for?

The best thing to do is make you application based on your best estimate. Once you’ve applied we’ll arrange a meeting with our in-house quantity surveyor who will work with you to understand how much money you need to complete your house. We will also look at your earnings and help you to decide what a prudent loan amount is.

Do I need a job to apply for a loan?

A mortgage is a long-term arrangement and ZHL needs to make sure that you have consistency of earnings. Missed loan instalments are bad for you, the borrower, and the ZHL. Your chance of being approved is much higher if you receive a consistent salary from a recognised employer.

How do the loan disbursements work? Do I get all the money at once?

No. Building is a complex process and so we need to ensure that you, the borrower, can budget and use your funds wisely. Before your loan is approved ZHL will meet with you to discuss your project. Based on this we will create a Disbursement Schedule for you which allocates money between all the construction stages applicable to your project. These phases include 1) Foundations 2) Walls 3) Roof, 4) Fixtures and Fittings and 5) Complete. So upfront, you will know how much money you will be getting for each of these construction phases and its then up to you to make sure that you complete each stage according to this budget.

I’ve completed a construction stage and I need funds for the next stage. What should I do?

Call us or notify us by email and a member of our staff will make an appointment with you to visit your project to check that your most recent Completion Stage has indeed been completed and to confirm the quality of the building works. Once this has been verified the funds for the next Completion Stage will be provided to you.

I’ve run out of funds for a Completion Stage and I haven't yet finished it. What should I do?

The onus is on you to reach completion of any Completion Stage using the funds we have allocated to you for that stage. We would encourage you to call us to discuss the matter and we will advise on the best course of action.

How does ZHL charge for its services?

ZHL provides various services to you such as, managing your application, preparing your loan documentation, registering your mortgage, checking your construction progress regularly, providing you with building advice, all with the aim of allowing you to complete your project quickly and effectively. We charge a once-off fee for these services which is built into your loan balance.

What happens if my contractor performs poorly and his work quality is unacceptable?

From time to time it happens that a contractor’s work is completely unacceptable, possibly to you as the owner-manager, or to ZHL. In this case we would urge you to contact us as soon as possible so that we can manage the situation on a case-by-case basis. The key to managing this situation effectively is catching it early so please contact us!

What happens to my family if I pass on before I’ve repaid my loan?

All borrowers must take credit life insurance which covers your loan in the event of your death. This means that your loan is automatically repaid by the insurance company on your death and your family can remain as owners or occupiers of the house. We encourage clients to draft a will as a matter of course to ensure that everything goes smoothly in this event.

We specialise in mortgage loans to construct homes and our sole focus is on helping you to build your home. Today.

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info@zambianhomeloans.com
0211 254 325
Plot 35370, Thabo Mbeki Road, Mass Media,Lusaka, Zambia

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