Mortgage financing has become popular in Zimbabwe over the last few years. It has grown so popular that it has silenced even me the fiercest skeptic. These 5 mortgages deal are available for Zimbabweans who are living and working outside the land bordered by 2 rivers Zambezi and Limpopo.
1. CBZ ‘s Private Mortgage Finance
This scheme is available for every Zimbabwean home and abroad. It allows the beneficiary to either build, renovate or purchase a property of their choice. The advantage of this scheme from where I’m standing is its short tenure, just 10 years.
2. Steward Bank Diaspora Mortgages
According to Steward bank you can get a loan of up to 400k and you can use it to build, complete building, purchase, or renovate a property of your choice. The greatest advantage I saw on this scheme is that the interest rate is 2% per annum and zero deposit for diaspora clients.
3. National Building Society Diaspora
The NBS Mortgage is for the outright purchase of a property, building and improving finance in high and medium densities. The pros for this scheme I discovered their interest rates are not a one size fits all but range between 9.5% and 11.5% per annum.
4. ZB Mortgages
According to ZB the mortgage like most of these schemes will allow you to purchase or renovate a property back home.
5. Cabs Mortgages
The loans are offered for many purposes ranging from ordinary loans to building loans to working capital. The beauty of this scheme lies its flexibility.
Why are these deals hot?
- These Mortgage finances are being provided by huge banks, most of them members of the Depositor’s Protection Scheme ( DPS), this initially eliminates or rather lowers down the chances of losing your investment should the economy packs up and we decide to press a restart like what happened in 2008/2009.
- The testimonials and success stories on how flexible these schemes are have reached our ears.
- Steward bank and CABS are the top 2 off the tip of my foggy brain that actually have properties for sale as I write this article. NBS is also joining the pool and have their own project being constructed just outside my bedroom window. This eliminates the problems and costs associated with building in Zim while in the diaspora.
- The interests rate charged like in the case of Steward Bank, a meager 2% is, we have to agree attractive.
- These deals are towards purchasing an asset with a locked value.