• How it works

    Benefits of this loan
    • Up to 90% of the purchase price and up to 100% if you take credit life insurance 
    • Up to TZS1 billion
    • Flexible repayment tenure of up to 25 years (dependent on your retirement age)
    • Enjoy property ownership before retirement age and while still paying off on your mortgage loan
    • The interest you pay on a mortgage loan is much lower than that on a personal loan
    • Mortgage loans are easily approved since they are secured loans
    • Remain the legal owner of your property while still paying off your mortgage loan
    • Investors sometimes mortgage properties to free up funds for other investments
    • Both Tanzanian residents and no-residents (diaspora Tanzanians) qualify
    • Loan issued both in TZS and USD 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
    • Early settlement of the loan is allowed
    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 identified the property to be purchased with a valid

      title deed (for straight purchase) or be purchasing a unit from a developer with MoU agreement with Absa for pre-sale unit purchase

    • You must be in employment 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

    • If you are a Tanzanian living abroad, you need to be employed on a permanent basis 

  • Documents required

    • Copy of title deed of property to be purchased
    • Original sales agreement document
    • Evidence of availability of 20% down payment
    • Spouse's consent or affidavit of status
    • Valuation report of the property
    • Absa home loan application form, together with required application documents for loan qualification
    • National ID card/passport/voter's ID or driving license
Need more help?

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+255 (0)746 882 000 (Network charges apply)

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