Boresha Makazi Loan

This loan product is a type of mortgage whereby financing is advanced to borrowers to enable them complete or improve a residential building on a property.  The principal amount of such loan could be either paid directly to the suppliers of the materials or paid directly to client depending circumstance of client’s purchase model of materials  to be used to improve or complete the house. 

 

TARGET CUSTOMERS

Salaried individuals in Public and Private Sector and also business man.

LOAN AMOUNT:
From TSH 1,000,000 up to TSH 10,000,000. The loan amount can be increased based on the client recommendation from CEO and company directors.

PURPOSE OF THE LOAN:
This loan facility will be given to individual or joint partners or to family members who have decided to renovate or complete the house.

DURATION OF THE LOAN:
Not more than 12 months.

ACCEPTED COLLATERAL

  1. House/plot with title deed or residential license (official mortgage shall be conducted at the ministry). We will not accept 3rd party guarantor ship especially on residential licenses
  2. Motor vehicle (registered in Tanzania for not more than 5 years, with comprehensive insurance)
  3. Collateral value must be 200% of the loan amount

REQUIREMENTS

  • Copy of Identity card ( National ID,  Voters’ ID, passport or driver’s license)
  • Introduction letter from the local government
  • Spouse consent and certificate of marriage or affidavit of  marriage
  • Referral letter from a work mate with senior position for employee
  • Proof of residence (lease agreement or residence license, utility bills)
  • 3 recent salary slips for employee
  • TIN number and business license for business man
  • Bank Statement – previously 6 months for both employee and business man

 

Loan will be released within 48 hours after submission of a thorough application with all the requirements as stated above.