Les + BOA

Home Finance

This is primarily facility designed to enable one acquire structured loans that will help one own, improve, complete or release equity investments on his/her new/existing home via:

This is primarily facility designed to enable one acquire structured loans that will help one own, improve, complete or release equity investments on his/her new/existing home via:

Home Purchase Loan

  • Designed to assist a customer purchase residential properties for his/her own use, for rental purposes, for his/her employees or for other purposes.
  • The loan shall not exceed 35% loan to value (LTV) ratio.

  •  The maximum term for this facility is 5 years. 

  • Joint applications between spouses, parent/child, as well as siblings are also encouraged.

Home Equity Loan

  • If one has already invested in residential properties, this loan will enable him/her release his/her investments in those properties to improve his/her liquidity position. Existing homeowners with properties that are already paid for or still being financed can apply for this facility. 
  • Loan amount given according to the project submitted and capacity of reimbursement)
  • The maximum term for this facility is 5 years. 

Home Improvement Loan

  • Designed to assist one undertakes renovation and/or extension works on his/her existing houses. Existing homeowners and companies that need improvements done on their properties can apply. 
  • Loan amount given according to the project submitted and capacity of reimbursement 
  • The maximum term for this facility is 5 years.

Home Completion applications shall also be considered in this category but 20% of the property must have been already completed. Applicants will be required to secure the loan with the property being improved upon. Loan shall be disbursed per certificate so as to ensure completion of the project. Approved Loan will be based on bill of quantities provided by a BOA approved Consultant.

Benefits

  • Wealth creation through home ownership 
  • Property appreciation in value 
  • Affordable mortgage repayment 
  • Easy flexible instalment payments that will fit customers’ cash flow 
  • Flexible payment periods 
  • No additional security required (other than the minimum 10 - 20% margin and the property itself 

Eligibility

  • Borrowers must be Rwandan / foreigners with work permit exceeding the time in which the loan is going to be reimbursed.
  • Borrowers must be between 21 and 50 years of age where by the tenor does not exceed the retirement age (retirement age is 60 years). 
  • Exceptions will be considered for professionals, joint borrowers or individuals earning verifiable passive income.  
  • Borrowers must have verifiable employment and income.

Target market

  • Salaried employees. 
  • Individual entrepreneurs and professionals. 
  • For existing and prospective BANK OF AFRICA in Rwanda customers (subject to Bank account statements for the last 12 months from the applicant’s current bank). Collateral arrangement
  • Minimum 20% deposit (compulsory)
  • Acquired property 
  • Insurance policy (property and life) to be filed citing the bank’s interest (to be paid directly to the bank)

Pricing 

  • Maximum loan – Rwf 368,507,898 as 5% of capital (7,370,157.968)
  • Maximum term – 5 years

 

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