NBS builds 3,000 houses

NBS builds 3,000 houses
Published: 11 September 2017
THE National Building Society (NBS) has constructed 3 000 houses so far this year through its housing mortgage scheme.

The building society, which is wholly owned by the National Social Security Authority (NSSA), is targeting mainly low income earners.

NBS acting managing director Mr Lameck Danga said the financial institution was on course to achieve its 10 000 housing unit target by year end.

"We have done over 3 000 housing units across the country and more housing schemes are coming through where we are providing finance for mortgages.

"With the demand for housing as evidenced by inquiries coming through, we are on course to achieving 10 000 housing units by the end of the year," said the NBS boss.

The financial institution has partnered with private property developers to address the acute shortage of accommodation in urban centres.

The country has a housing backlog of about 1.25 million.

According to the Zimbabwe Statistical Agency 2012 Census report, urban population increased from four million in 2002 to 4.3 million in 2012, which is about 33 percent of the country's population.

This has resulted in a high demand of accommodation in urban centres.

Mr Danga said the financial institution was also targeting players in the informal sector who have a steady income.

"The facility is not only for civil servants but we cut across all sectors including those in the private sector. We are also targeting those in the informal sector who have a steady income but do not have payslips, which is one of the requirements for banks to extend credit," he added.

In the Midlands, NBS has partnered River Valley Properties for the development of Magakoosha housing project where 500 housing units are currently under development.

The bank recently opened its doors in Gweru and plans to open branches in Masvingo and Mutare.

The financial institution has enlisted the services of agencies and is also utilising NSSA offices throughout the country where people can access its services.

The bank is offering mortgages of up to 25 years at 9.5 percent interest.
- online
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