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MBCA Bank has introduced equity release loans expected to unlock opportunities for its clients while giving them the means to turn their dreams into reality.
Equity release is a means of retaining use of your house or other object which has capital value, while also obtaining a lump sum or a steady stream of income, using the value of the house.
With the MBCA equity release loan, clients will get up to 30 percent of the value of their immovable properties.
“We have introduced equity release loans which enable our clients to unlock opportunities, giving them the means to turn their dreams into reality.
“Clients may apply for equity release loans for various purposes as long as it is legal,” said MBCA head of marketing and public relations Dedrey Mutimutema.
This loan facility will be insured through Old Mutual, and premiums will be factored in monthly instalments.
The loan is accessible to clients whose properties are fully paid up, but where owners would like to access funding.
MBCA’s equity release loan attracts an interest rate of 15 percent per annum and does not require a deposit for one to access the loan.
Mrs Mutimutema said clients can get loan tenure of up to 10 years and this should be within the retirement age of 65 years.
She said MBCA Bank has also enhanced its product suite to include a home improvement loan for convenience and adding value to its clients.
The MBCA home improvement loan is a facility for those who already own a property and would like to improve or modernise it.
“MBCA clients can now increase the value of their properties and get that dream kitchen, bathroom, borehole or any other home improvement that they have always wanted,” said Mrs Mutimutema.
Last year, MBCA Bank introduced a new product called the Basic Account which expanded the bank’s product range while accelerating provision of financial services to the unbanked.
The bank was previously known as a bank for corporates, the elite and affluent due to its historical background as a merchant bank.
However, in recent years the bank managed to live true to its vision of being a “bank for all” by introducing propositions targeted at different segments of the market.
“Our mission is to be the leading bank to all in Zimbabwe by offering products and services tailored to meet our clients` diverse needs,” said Mrs Mutimutema.
MBCA Bank has plans to open more branches across the country after completing 2015 with 10 outlets as the banking institution continue to take a long-term strategic view to grow its footprint in preparation for an eventual improvement in the local economic environment.
The bank previously had eight branches but in November last year two more branches were opened in Msasa and Gweru respectively.
MBCA Bank is the process of coming up with client value propositions for private banking clients, the middle market and small to medium enterprises in order to meet client demands.
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