NBS mortgage goes up 70pc

National Building Society (NBS) - (picture: Techzim)

The National Social Security Authority banking unit, the National Building Society (NBS) mortgage went up by 70 percent for the half year ended June 30, 2017 to $32, 4 million up from $19,1 million prior year comparative.

In a statement accompanying the company’s financial results, acting board chairman Nimrod Chiminya said the building society had obtained a loan of $24, 8 million from parent NSSA, up 60 percent from a loan of $15,5 million recorded in December 2016.

Chiminya said by the end of June 2017, the building society had approved about 3 004 mortgage applications since inception in 2016 which has resulted in several business ventures being undertaken by the society.

“Since inception, NBS has approved 3004 mortgage applications and this has led to several housing projects with some of the completed units having been commissioned in areas like Adelaide Park in Epworth, Woodbroke Park in Bindura and Amalinda in Glen Norah,“said Mr Chiminya.

He also highlighted that the society has also launched other projects nationwide which are expected to unveil several housing units once completed.

“There are several housing projects which have been launched nationwide which include Victoria range in Masvingo which is estimated to produce over 200 housing units for civil servants in the province.

“We also have Magakooshla in Shurugwi which will also produce a minimum of 450 for the civil service employees. In Gweru we have projects in Woodlands which will produce an excess of 150 units for the informal sector, private sector as well as uniformed forces,” he said.

Mr Chiminya also mentioned that efforts are also spreading to areas like Chinhoyi were 700 units will be made for individuals in different sectors of the economy, Stoneridge which will be expected to be completed in the next two months as well as Manicaland and Matebeleland where they are projects estimated to unveil about 2000 housing units respectively.

The Building Society has a deliberate mandate to cater for the low-income market and offers single digit interest rates and tenure of up to 25 years.