NBS to disburse housing loans
Oliver Kazunga, Senior Business Reporter
THE National Building Society (NBS) will next month commence housing development in line with its mandate of improving access to accommodation across the country.
The building society, which was launched about six months ago, is owned by the National Social Security Authority (NSSA).
Responding to written questions from Business Chronicle, NBS managing director Mr Ken Chitando said driven by their mandate to improve housing units, they have since commencement of operations started financing housing development projects.
“In line with our mandate towards increasing the housing stock, the society has been financing more building loans than any other type of mortgage loan since inception.
“We’ve also partnered land developers and like-minded corporates, with one such partnership expected to unveil new houses in Harare in a few weeks,” said Mr Chitando.
“However, in terms of our own projects, these are scheduled to commence in November 2016. Our strategic intention is to build houses nationally.
However, our initial thrust will be in those areas where our shareholder, NSSA, has existing land banks.”
Under the first phase of the housing project, NBS is looking forward to building houses in different parts of the country starting next month.
“The first developments will consist of Glaudina Project (in Harare) with an estimated 784 units comprising two-bed walk-up apartments (flats) and Chinhoyi Project which is expected to have 500 units on completion,” said Mr Chitando.
It is believed that the first set of occupants under the building society’s housing scheme are expected to move in by 2017.
Mr Chitando said the building society has already started underwriting the new mortgage loan business to low income earners.
“Our sales staff in branches and service points are available to discuss the mortgage loan qualification criteria,” he said.
In January this year, NSSA indicated that thousands of Zimbabweans are set to benefit from its building society low-income housing scheme that will see properties being availed to civil servants and the average worker through low cost mortgage loans.
The NBS project is one of the many housing schemes that have been availed in the country in line with Zim-Asset to ease housing shortages.
Under Zim-Asset, Government has set a target to build more than 300 000 houses by 2018 to ease the housing backlog which presently stands at about 1,25 million.