• How it works

    Benefits of this loan

    • You enjoy lower interest rates

    • Offers you the opportunity to increase your net worth

      with a higher valued asset

    • Allows you to increase the value of your house for future

      resale or remortgaging

    • You remain the legal owner of your property while you

      renovate your house

    • You enjoy flexible repayment with long tenure of up to 20 years

    • Quick approval process with no hassles

    • Long repayment period loan with tenure of up to 20 years

    • Up to 80% financing on your property value to improve

      the value of your house

    • Big loan size - up to TZS 500 million

    • Available to both Tanzanian residents and non-residents

      (diaspora Tanzanians)

    • Issued in both TZS and USD currencies (depending on the

      currency in which you receive your salary)

    • Debt service ratio goes up to 55% if you take the Absa

      credit card as well

    • Property is insured for the whole duration of the mortgage 

      •  

    Fees charged
    • Valuation fee starting from TZS600,000 (dependent on property value)
    • Life insurance 0.5% per year (0.9% if it is a joint mortgage)
    • Property insurance 0.15% per year (charged against property value)
    • Arrangement fee of 1%
    • Early repayment: 3 months' interest minimumTZS500,000
    • Government charges and legal mortgage registration fees (varies on each transaction)

  • Requirements

    • You must be between the age of 21-59 years

    • You must have a valid title deed and be the legal owner

      (or one of the legal owners) of the property to be mortgaged

    • You must be in employment (contractual or permanent) for not less

      than 6 months and be confirmed

    • Monthly salary will need to be routed to an Absa transactional

      account to cover monthly mortgage repayments

  • Documents required

    • Recent pictures of the property
    • Copy of title deed of the property to be mortgaged
    • Copy of bill of quantities (BOQ) report if funds are to be used for house extension or improvement
    • Settlement letter/mortgage statement (if it is a take-over)
    • Mortgage fees and other statutory fees funds availability
    • Valuation report
    • Absa mortgage loan application form together with required application documents for loan qualification
    • National ID card/passport/voter's ID or driving license
Need more help?

Call us:
0800750078 (Toll free)
+255 (0)746 882 000 (Network charges apply)

Email us:

talktous@absa.co.tz