Steward Bank Equity Release

Needing a financial boost might lead individuals to contemplate borrowing. With various solutions available, transparency, credibility and a fast application process are factors that help determine the best choice. Bank collateral loans, such as the Steward Bank Equity Release Loan, are good options and are created for those looking to borrow large sums of money against a fixed asset like a house.?

1. Question: What is equity release?

Answer: Steward Bank USD equity release loan allows borrowers to unlock value out of their paid-up unencumbered property. Simply put, this is a way to release the value of a property and turn it into cash without having to sell the property. The title deed of the property remains in the owner’s name and they have the right to remain on the property. The use of funds from the loan is unrestricted, as long as it is legal.

2. Question: Who qualifies for the Steward Bank Equity Release loan?

Answer: Homeowners who are formally employed and have a Steward Bank Nostro Account into which repayments can be remitted.

3. Question: How can I open a Steward Bank Nostro Account and access banking services from abroad?

Answer: You can open a Nostro Account on the Steward Bank Account Opening Portal, Q-Not. Click on this link, https://auth.stewardbank.co.zw/auth/account-opening/login to go to the portal. With the aid of our 24/7 customer support, Online and Mobile Banking services, you can enjoy banking services from anywhere in the world. To complement a Steward Bank Nostro Account, the Steward Bank VISA Globetrotter Card makes it easy and convenient to access your funds for both local and international spending. We have also partnered with International Money Transfer Agencies such as World Remit, Western Union and MoneyGram to make sending money an uncomplicated process.

4. Question: Once I get a Steward Bank Account, what are the requirements for an equity release application?

Answer: The requirements are as follows:

? A completed application form

? A certified National ID copy

? An employment confirmation letter from the employer/letter of introduction

? A current payslip

? Employer (terminal benefits transfer) consent form

? A certified copy of the title deed, property valuation report, and completed insurance forms (Homeowners and Life cover).

5. Question: What are the conditions of the loan?

Answer: You can borrow up to a maximum of 50% of the value of your property, taking into account a debt burden ratio of 45% of net monthly income. The maximum repayment period is 3 years, at an interest rate of 12.5% p/a.

6. Question: What are the upfront costs?

Answer: Valuation fees are to be met by the customer upfront. Legal fees and establishment fees are included in the loan amount. There is no deposit required.

7. Question: How long does it take to process an application?

Answer: The application approval process takes up to 5 working days upon submission of complete requirements. The Steward Bank Equity Release loan will grant you the peace of mind that comes from being able to safely borrow money to take up opportunities when the necessary funds are not readily available. If you are thinking of taking out a loan for home improvement or investment purposes, email us at [email protected] to open up a discussion on how we can help you.?

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