Home Loans

At Bank Gaborone we understand that you need all the necessary support to achieve your financial and life goal. During the different stages in your life, whether you are single or married with a growing family, you have different housing requirements. Therefore, we offer competitive financing options to help you own the home that will suit your particular circumstances.

For more info please email us at homeloans@bankgaborone.co.bw

How do I qualify for a Bank Gaborone home loan?

As an individual, a home loan will be granted to you if you meet the following criteria:

• You must be permanently employed and have a satisfactory credit record.
• Your monthly installments may not exceed 30% of your individual or joint gross monthly income. The salary of your spouse will be taken into account provided your spouse enjoys permanent employment.
• If you qualify for a housing subsidy, you must provide documentary proof of such subsidy.
• If your home is offered as security, it must comply with Bank Gaborone minimum requirements.

How do I repay my home loan?

• The minimum loan period is 5years, and the maximum repayment period is 25 years. You can choose to repay the loan over a shorter period of time to save on your total interest cost.
• Debit order authorization to be signed to meet monthly loan repayment.
• The Bank requires a minimum deposit of 10% of the open market value or purchase price or building costs, whichever is the lesser.

For a business entity/organization requiring a home loan facility, the following must be submitted to the Bank:

• Memorandum and articles of Association
• Certificate of Incorporation/Constitution/Partnership Agreement
• Three (3) years’ financial statements
• Cash flow projections (5 years ahead)
• Three (3) months’ bank statements
• Proof of shareholding (form 2 and 5)
• Resolution to borrow (certified by Company Secretary)
• Proof of current residential address for each director/partner/signatory (recent utility bill)
• Personal balance sheet for each director/partner/signatory

In the case of a building loan, the following must be submitted to the Bank:

• Approved building plans and a building permit
• Three (3) signed building quotes
• Bill of quantities
• Soil analysis report
• Architect’s profile
• Contractor’s profile
• Waiver of builder’s lien
• Signed building agreement between the client and contractor
• House-owners and mortgage insurance cover is compulsory

Vacant land

Bank Gaborone also offers financing for the purchase of vacant land at 75% of the open market value or purchase, whichever is the lesser.

• The minimum deposit required is 25%
• Maximum repayment period is 60 months

*all loan applications are subject to the Bank’s lending criteria and approval by Credit Department.