This is a loan extended to salary earners and business owners to enable them to purchase homes, make house renovations, carry out equity release or refinance existing facilities in other banks.
Facilitates home ownership.
Access to adequate funding needed to acquire property in a timely manner.
Convert rent payment towards house ownership.
Investment vehicle for earning alternative sources of income e.g. rent.
Property in most cases appreciates in value while exposure reduces with time.
Good debt; caution of redeeming debt through property liquidation.
Mortgage protection cover available.
Alternative funding apart from savings.
