Bank of Kigali (BK) has launched a home equity loan, a type of loan that allows a homeowner to borrow against the equity they have built up in their home.

The home equity loan has been introduced in order to suit customer needs, BK management said.

"With the new BK Home Equity Loan, customers are allowed to borrow money up to 70% of the value of their house to fund personal needs such as home renovations, car purchases, household items, and so much more – all payable within 20 years,” reads a statement from BK.

Who is eligible?

To be eligible for the BK Home Equity Loan, customers are required to present an application letter, identification documents (ID card, passport), proof of source of payment, valuation of the property and collateral insurance.

Eligible customers are encouraged to visit any Bank of Kigali branch and the Mortgage Centre.

The BK said annual management, facility fee, application will be charged as per the approved tariff.