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Home Loans and Mortgages


Where Uganda Goes For Home Loans and Mortgages

From verifying your eligibility to financing your home or becoming an owner, getting handed the keys and to servicing the loan and closing the deal, here is all you need to Understand.

First, below are the  types of Home Loans and Mortgages available for you

Home Loans

  1. Home purchase
  2. Home Expansion
  3. Home Improvement
  4. Home conversion
  5. Home construction
  6. Land purchase
  7. Multi Unit Construction
  8. Urban Plot Purchase
  9. Construction Finance

Mortgages

Residential Mortgages

  • Secure a residential property such as a home or land

Commercial Mortgages

  • Secure a business premise, such as an office building, shopping center, industrial warehouse, or apartment complex

Apply for Home Loan or Mortgage  Via Homes in Uganda.

  1. Get the better Offer.                                                                2. Make the right Choices

Before You Get Started, Understand the Terminology Involved

EMI is the sum of money that you as a borrower will pay your lender to clear your outstanding loan. These payments are made every month on a date that is stipulated by your bank till such time that the loan has been completely repaid. The three things that go into the calculation of an EMI are:

  1. The amount of the loan
  2. The rate of interest
  3. The tenure of loan

The most popular method of computation is that of ‘monthly reducing loans’. In the monthly reducing cycle, the principal is reduced with every EMI and the interest is calculated on the balance outstanding. The majority of the retails such as Home loans, auto loans and personal loans are computed on a monthly reducing basis.

Kindly be informed that an increase in the tenure of the loan will lead to an increase in interest rates and therefore, the interest component of your loan. As a borrower, you should try and pay as much of EMI as possible and shorten the tenure of the loan.

Down Payment is the commitment a buyer makes  to enter into a home loan agreement with your lender. Always, a range of 15-30 % of the value of the property one intends to purchase is always acceptable. The more money you can put aside for a down payment the better it is since it will result in a shorter tenure of a loan and easier EMIs.

This basically refers to  why you need the loan. Is it for Construction, purchase, extension or improvement of residential & commercial properties?  And where is the location of the property? This information is key in getting started.

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Banks and Insurance companies affiliated to Homes in Uganda will offer you loans starting from 5,000,000 to 80,000,000 Ugx.

Typically, most lenders will ask you for the following:

  1. Personal Identification or company documents
  2. Copy of the valid land title.
  3. Copy of the approved building plans.
  4. Bills of quantities of the outstanding work.
  5. Photographs of at least four elevations of the building.
  6. Proof of borrower’s income.
  7. 4 passport size photographs.
  8. Identification documents
  9. Copy of the sales agreement with details of the property or Sale offer.
  10. Active Current Account.
  11. Credit Reference Bureau Form for clients who don’t have financial cards.
  12. Statutory declarations in lieu of marriage.
  13. Ground rent receipts for purchase loans on lease properties.
  14. Income tax clearance certificate
  1. Personal Identification or company documents
  2. Copy of the valid land title.
  3. Copy of the approved building plans.
  4. Bills of quantities of the outstanding work.
  5. Photographs of at least four elevations of the building.
  6. Proof of borrower’s income.
  7. 4 passport size photographs.
  8. Identification documents
  9. Copy of the sales agreement with details of the property or Sale offer.
  10. Active Current Account.
  11. Credit Reference Bureau Form for clients who don’t have financial cards.
  12. Statutory declarations in lieu of marriage.
  13. Ground rent receipts for purchase loans on lease properties.
  14. Income tax clearance certificate
  • Identify a property that you desire to purchase. This can be through a friend, your real estate agent, newspaper advert etc
  • Meet with the seller and agree the terms of the purchase

You will directly pay money to cover application fees, title search and credit inquiry, boundary opening and valuation, Stamp duty, transfer fees, arrangement, insurance and legal fees.

Some of our affiliated lenders take a first legal mortgage on your financed property.

Most home shoppers find a lender based on a recommendation from a friend or real estate agent, but that won’t guarantee you’ll get the best rate or the best service. Homes in Uganda does research on mortgage professionals in Uganda and thus shares with you the best advise and the best rates.

Homes in Uganda is creating a mortgage marketplace that encourages transparency on all levels and for all eligible Ugandans.

A lender needs ‘proof’ to believe that you are capable of making repayments on your loan.

Mortgage Loan Eligibility

In order to get a mortgage loan, you need to fulfill certain minimum eligibility conditions. The following factors are considered while determining your eligibility for a mortgage loan:

  • Your total annual income.
  • Minimum age needs to be 21 years.
  • If have any existing liabilities.
  • Valuation of your property.
  • Number of dependents you have.
  • Your total work experience and experience in your current job.
  • Financial documents.
  • Both salaried and self-employed individuals are eligible to apply for mortgage loan.

HOME LOAN ELIGIBILITY

We all dream of a home of our own. A home is not just a place to stay. It is much more than that. And we are here to help make buying your home a smooth and memorable process.

  1. Individuals in permanent service in the Government or reputed companies meet our home loan eligibility criteria
  2. Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants only) can apply
  3. Any individual filing income tax returns can apply
  4. Applicants should be above 21 years of age at the time of loan commencement and up to the age of 60 or superannuation, whichever is earlier at the time of loan maturity.

Applying for a home loan entails a lot of hard work, from putting together the documents needed to prove your eligibility to ensuring you have enough funds to make a down payment on your dream home.

But even after you think you have done your best, the bank may reject your loan application on some factor that you could never imagine would thwart your chances of getting a loan.

To avoid finding yourself in such situations, here are possible reasons why a loan application may get rejected.

  • Your application has been rejected previously
  • Your profile does not fit into the bank’s internal policy!
  • You have been changing jobs too often
  • Your to be property address is in a “negative zone”
  • Your to be property to be is to old

There is no greater joy than having a roof over your head that you can call your own home. You have worked hard to save for your down payment and putting your papers in order to get your home loan sanctioned. But the fact is that your test has only begun, for you will be servicing your mortgage for a good number of years now and that is indeed a huge responsibility.  A home loan is a debt like any other and the sooner it is closed the better it will be for you. Lets help you with some key moves:

  1. Partial pre-payment of loans– This is one of the easiest ways to reduce your debt burden. Every time you get a bonus, a cash gift from family or friends or any other gains as a result of investments made in the past, direct them towards making pre-payments on your home loan. All banks allow a certain number of prepayments in a year without any extra cost.
  2. Switching to a bank offering better interest rates- If you find that you are stuck in a higher band of interest for a long period of time compared to the current market rates, you can consider switching your loan to a bank which offers you a loan at a better rate of interest.
  3. Increase your EMI outflow-You will end up paying off your debt faster if you can consider the option of increasing your EMI outflow. You can consider this option if you get a pay hike or redirect funds from an endowment plan towards this end.

Home Loan Benefits

  • Attractive and affordable rate of interest
  • Customers can enjoy a flexible repayment tenure of up to 30 years.
  • An extensive range of specially crafted home loan products & solutions like home extension loans, automated repayment of EMI and home improvement loan
  • Quick and efficient loan processing with door-step service
  • Absolutely no hidden charges and completely transparent process
  • Extensive branch network for loan servicing and availing, anywhere across the country

Now Move to the Next Step

Mortgages don’t have to be difficult.  Get pre‑approved for a mortgage or Loan is a great way to show Lenders that you’re a serious and credible buyer. Go here, check out our verified lenders, determine how much mortgage or loan that you and then answer a few questions to find a local lender in minutes who can help you get pre-approved.

DISCLAIMER: The loan amount, interest rate, eligibility, tenure, EMI and special offers are at the sole discretion of the Bank involved. Loan offers may vary depending on your credit profile and the other criteria defined by each bank. As homes in uganda, we only connect you to our affiliate banks.