This is a statutory requirement. One of the important considerations in granting mortgage advances is that the borrower will be able to meet the stipulated monthly repayments. The Bank accepts monthly repayments of not more than 25% of your average monthly income taking into consideration other commitments that you might have elsewhere. However, the Bank encourages you to deposit the extra incomes in order to take them into consideration when assessing your loan affordability.
Yes it is possible subject to demonstration of adequate repayment capacity and proven source of income which should be coming through the CBZ Bank held account. The purpose of the loan should however be for purchase of property, property improvements and building finance.
Every client subscribes to Mortgage Protection Policy underwritten by CBZ Life which provides full credit life cover. As a result the insurer pays off the remaining balance in the event that the client has passed on.
The CashPlus Housing Product has its own terms and conditions. The Bank is obliged to extend a mortgage loan that equals the amount you would have saved over a minimum period of 12 months.