Placeholder

 
 
 

These are housing loans where the employer invests money with CBZ Bank, in return for a dividend plus mortgages loans for employees at agreed concessions.

Benefits of Employer Assisted Scheme

  • Retention Strategy
  • Applicant’s access 100% loan as compared to market based loans where 40% deposit is required.
  • Increased affordability due to concessions on terms and conditions.
  • Employers are left to concentrate on their co-business than managing staff loans.
  • Employers are not obliged to maintain deposits equivalent to scheme value but deposits that match loans advanced to their employees as and when they are introduced to the Bank.

Terms & Conditions

  • Upon the request of employer to package a mortgage scheme for its employees, CBZ Bank has the following terms and conditions which are subject to negotiation by the parties;

    Limit of individual loans

  • The CBZ BANK, subject to its standard loan approval process (as further detailed in the document), advances loans to the company’s employees on receipt of written recommendations by the company’s Chief Human Resources Officer.
  • It shall be the obligation of the company to ensure that employees recommended for the loans are entitled to such loans in terms of any of its internal policies and CBZ BANK shall not be required to enquire into the eligibility of any employee for the facility.
  • An introductory letter from the Company shall accompany each application detailing the loan amount.

    Board resolution

  • It shall be the obligation of the company to ensure that the employer assisted scheme is supported by the company board resolution to enter into a housing scheme with CBZ Bank.

    Deposit:

  • Applicants shall not be required to pay a deposit under this scheme because the investment will cover the deposit.

    Mortgage interest rate:

  • The interest rate for this scheme shall be the agreed interest rate between the Company and the employer.

    Establishment fees

  • The establishment fees shall be 2-5% paid once off (negotiable).
  • Valuation shall be 1% of the loan amount.

    Repayment period

  • As per agreed repayment periods between CBZ Bank and the Company.

Documentary requirements

All applicants shall be required to submit the following documents to CBZ BANK: -

  • Letter of introduction from the Company detailing the loan amount.
  • A fully completed Mortgage Bond Application Form.
  • A copy of the Agreement of Sale for the purchase of an existing property.
  • Copy of title deeds for the property.
  • Copy of approved plans and quotations from reputable contractors. (For building finance).

Forex Rates

Last Updated: 18 July 2017
  Base USD 1.00
  AUD 1.2625
  BWP 10.1523
  CNY 6.7572
  EUR 0.8676
  GBP 0.7631
  ZAR 12.9151
to

Business Conditions