Mortgages

What we need from you

For construction cases:

• Approved building plans
• Approved structural drawings
• Duly signed Priced Bill of Quantities (BOQs).
• National construction permit/Autorisation de batir
• A National Environment Management Authority approval of the Environmental Impact Assessment (EIA / Audit report) for the proposed / existing development OR a letter of exemption from the Environment Management Authority
• Project team (architect, civil & structural engineers, contractor, quantity surveyor) to submit their comprehensive CVs, registration certificates, current practicing licenses and profiles detailing successful works carried out in the last 5 to 10 years.
• Appointment of a suitably project manager to bring the necessary professional supervision into the project.
• A duly executed formal contract between the developer (sponsor) and the contractor.
• A contractor’s all risk policy with the interest of KCBB duly noted.
• Submission of a performance bond from a reputable bank or insurance firm for 10% of the contract value or cash deposit equivalent to 10% of contract value locked with KCBB.

For purchase cases:

• Valid sale agreement/offer letter.
• Active KCBB account (BIF or USD)
• Copy of title to property being purchased or charged. (Must have minimum unexpired lease term of 35 years.)
• Spousal consent / sworn affidavit
• Valuation report plus photographs of property being financed and/or charged, together with certificate of official search from land registry.
• Where rent income is considered as repayment ability, a copy of tenancy agreement and copy of title
• History of previous employment and CV
• Complete information of the guarantor, in cases where a guarantor is needed.
• Pay slips reflecting the last 3 months
• Letter from employer confirming employment status
• Copy of employment contract
• Bank statements showing the last 6 months for salaried individuals and 12 months for business clients
• The last 3 years’ financials and up to date management accounts for companies, sole proprietor business, partnerships and investments groups
• Original and copy of National ID or passport.
• One passport size photograph
• Borrower not blacklisted for the last 12months
• Commitment of 66.6% of gross pay for salaried loans
• Credit life insurance cover over death and permanent disability (for individuals)
• Credit life insurance cover over death, permanent disability and involuntary loss of job for all employed borrowers.
• Comprehensive insurances (fire & perils) for all properties taken as collateral by the bank

Rates & Fees

Residential Mortgage

• Tenor – up to 20 years
• Maximum value ratio – 75% for Bujumbura; 60% for Gitega & Ngozi

Commercial Mortgage

• Tenor – up to 10 year
• Maximum value ratio - 75% for Bujumbura; 60% for Gitega & Ngozi

Estate/Project Development Mortgage

• Tenor – up to 3 years
• Maximum value ratio - 75% for Bujumbura; 60% for Gitega & Ngozi

Equity Release Mortgage

• Tenor - up to 10 years
• Maximum value ratio - 75% for Bujumbura; 60% for Gitega & Ngozi

Plot Loans

• Tenor – up to 5 years
• Maximum value ratio - 60% for Bujumbura; 50% for Gitega & Ngozi

Plot & Construction Mortgage

• Tenor – up to 20 years
• Maximum value ratio – 75% for Bujumbura; 60% for Gitega & Ngozi

Diaspora & Advantage Mortgage

• Tenor – up to 20 years for Advantage customers; up to 10 years for Diaspora customers
• Maximum value ratio - 75% for Bujumbura; 60% for Gitega & Ngozi; 60% for Diaspora

Special Mortgage Scheme

• Tenor – up to 20 years
• Maximum value ratio - – 75% for Bujumbura; 60% for Gitega & Ngozi

Syndicate Loan

• Tenor – dependent on agreement with bank
• Maximum value ratio - – 75% for Bujumbura; 60% for Gitega & Ngozi