• How it works

    Benefits of this loan
    • You enjoy lower interest rate

    • Enjoy flexible repayment with long tenure of up to 25 years

    • Allows you to carry on with your other investments without having

      to sell off any of your properties/investments

    • Mortgage loans are easily approved since they are secured loans

    • You remain the legal owner of your property while you use the

      funds from the loan to fulfil your needs

    • Up to 80% of the equity on your asset with our equity release facility

    • Get up to TZS 1 billion to invest in other assets, business ventures or consolidate your debt using your house

    • Both Tanzanian residents and non-residents (diaspora Tanzanians) are eligible for this loan

    • Loan is issued both in 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.

    • You can settle your obligation early before loan expiry

    • We can take over your existing mortgage loan with another lender at better terms

    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

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

  • 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?

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

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