Has accessing a mortgage loan to build your own house been your dream? That is possible and easy when you choose the best mortgage loan providers.
Best Mortgage Providers in Zambia
1. Zambia National Building Society (ZNBS)
- Named Best Mortgage Provider in 2023 & 2024, thanks to its range of products: construction, purchase, equity release, home improvement, and refinancing
- Offers extended terms up to 30 years and flexible solutions like group mortgages and diaspora financing
- Interest rates vary (~16%), with inspections and insurance fees attached
2. Zambian Home Loans (ZHL)
- A dedicated mortgage lender recognized for innovation and speed; it claims to process mortgages in as little as 5 days versus ~90 days at banks
- Offers financing for land purchase, home buying, construction, and renovations
3. Zanaco (Zambia National Commercial Bank)
- Provides Home Loans and Construction Mortgages for salaried, self-employed, and rental-backed clients, with tenures up to 20 years and floating rates tied to the BoZ policy rate .
4. Commercial Banks
According to a 2025 roundup, these banks are among the top 5 mortgage lenders:
- Stanbic Bank – finance up to 80% of value; up to 20-year terms
- FNB Zambia – flexible purchase or construction loans; some 100% financing options
- Absa Bank (Barclays) – up to 90% financing; terms up to 25 years
- Standard Chartered – loans for purchase, land, or home improvement; up to 25-year terms .
- Indo-Zambia, First Capital also offer mortgage products
Interest Rates on mortgage loans
- ZNBS offers around 16%, though some customers report rates up to 40% for larger loans (~K600,000)
- Banks typically charge 16–30%+, depending on security and borrower profile
- On Reddit, users note rates are quite high and mortgages remain relatively uncommon often available only to bank insiders
Tips for home loan approval
Here are 10 tips to get your home loan approved in Zambia:
1. Know Your Credit Score (and Fix It if Needed)
Your credit score is the first thing lenders look at.
- Aim for 700+, but 620 is often the minimum.
- Dispute errors, pay off overdue accounts, and avoid new credit lines before applying.
2. Get Pre-Approved First
Pre-approval gives you a realistic budget and makes you a stronger buyer in the eyes of sellers.
- It shows you're serious.
- It also reveals what the bank actually thinks you can afford.
3. Stabilize Your Income
Lenders want to see a steady income history typically 2 years in the same job or field.
- Avoid job-hopping right before applying.
- Freelancers/self-employed? Get your taxes and income proof in order.
4. Lower Your Debt-to-Income Ratio (DTI)
Your monthly debts vs. your monthly income lenders want this low.
- Ideal: Under 36%.
- Pay off credit cards, personal loans, or car notes if you can.
5. Save a Solid Down Payment
The bigger the down payment, the better your approval odds.
- 20% is great, but many lenders accept less with PMI (private mortgage insurance).
- Showing you have "skin in the game" helps.
6. Don’t Make Major Financial Changes
Once you're planning to apply (or already have), don’t:
- Switch jobs.
- Take out new loans.
- Make large bank transfers without explanation.
7. Organize Your Documents
You’ll need:
- Tax returns (2 years)
- Pay stubs (last 2–3 months)
- Bank statements (last 2–3 months)
- ID, proof of assets, and more depending on the lender
8. Be Honest on Your Application
Lenders verify everything. If you lie about income, assets, or debts, it can tank your application or lead to loan fraud charges.
9. Choose the Right Lender
Shop around. Not all banks have the same rules, rates, or flexibility.
- Compare interest rates, fees, and approval requirements.
10. Get a Co-Signer if Necessary
If your credit or income is borderline, a co-signer with stronger credentials can help.
- But remember: they're on the hook if you default.
After getting mortgage loan what next?.
After getting a mortgage loan, your step is to engage a contractor that will build that dream house you want. Here are the top rated house contractors handling small to medium house construction works:
1. Sieben Construction
- Over 10 years in operation, with a portfolio that includes flats, renovations, and landscaping. Based in Roma, Lusaka
- Emphasizes eco-friendly materials, zero accidents, and strong communication.
2. Toplife Construction
- Active since 2017 with projects in Lusaka and Kitwe
- Delivers residential and commercial builds, aluminium works, security features and rolling shutters.
3. Builder’s Village LTD
- One-stop-shop offering full home builds, consultancy, and solar system installations
- Offices in Woodlands (Lusaka) and Kitwe; strong client satisfaction.
4. Concorde Construction
- Local branch of Ahmad Alkhatib Investments, operating since 2012
- Known for turnkey residential and steel structure builds, with 30 years of backing.
5. BICON Zambia Ltd
- Operating since 1998 as part of the BICON group
- Brings multinational experience in large residential and infrastructure builds.
