Mortgage Loans

Mortgage Loans

Our mantra: “Look no further. Say goodbye to renting”

Our core business is the provision of affordable housing to all Zimbabweans. If you are building or buying a property, you can apply for a mortgage with NBS. Our Mortgage products offer an opportunity to prospective home owners to channel their monthly rentals towards mortgage payments. There are a number of mortgage options available depending on your requirements.

Depending on your requirements, NBS offers a number of mortgage options:

a. Ordinary Loan (Traditional Mortgage)

  • Refers to the outright purchase of an existing fixed house, which property is offered as security over the Bond.

b. Building Loan

  • Refers to the purchasing of a serviced stand and the subsequent building of a habitable structure
  • The Society does not finance purchase of vacant stand especially if the client is not adding a habitable structure on the property

c. Home Extensions

d. Group Housing Scheme

  • We also offer mortgage finance under the employer-assisted housing schemes, where advances are given to employees against employer investments.
  • Members of pension funds can also access mortgages under the Pension Fund Backed Housing Schemes. This will enable the members to have tangible benefits prior to retirement.
  • Loans under this scheme are offered at significantly favorable conditions e.g.  No additional deposit is required.

Please note that in all cases (Ordinary loan, building loan, home improvement and housing schemes)the property should have title deeds.

How to buy a Home or Property?

Step One

  • Research on what size is suitable for you and your specific needs
  • Identify area(s) of choice
  • Take note of the distance from your work place or school for the kids
  • Accessibility to public transport and schools

Step Two

  • Determine how much you can actually afford for your ideal home
  • Factor in additional costs that you will incur such as insurance, ZIMRA costs, Legal fees (Transfer and Bond Registration fees)
  • The qualifying amount for each client is determined by age stipulation and income stipulation.
  • Age Stipulation – The maximum period a bond can operate is 25 years. Therefore, your age plus the repayment period must not exceed 64 years.
  • Income Stipulation – Building Societies discourage borrowers from over-burdening themselves with bigger installments than what can be absorbed by their income. As a guide, your total repayments should not exceed 40% of your gross monthly salary

Step Three

  • Once you have established your needs, visit your nearest NBS Bank Branch to find out how much credit you qualify for to buy or build your new home.
  • You will be required to pay a mandatory cash deposit of 15% on your property

Step Four

  • Seek assistance from a reputable Estate Agent and give them a clear guideline of your preferences for a new home including your budget

Step Five

  • Once you have identified your prospective home, complete the loan application form and submit all the required documentation e.g. Agreement of Sale, Copy of Title Deed, 3 months’ bank statements, identification documents, proof of income and proof of residence.

Requirements on Submission

  • Passport size photo taken within 6 month of application
  • Certified copy of ID / passport / driver’s license
  • Certified proof of residence (3 months old or less)
  • Agreement of sale - original + copy
  • Current payslip
  • Copy of title deed of property being purchased or improved
  • Letter of introduction from employer
  • Six months’ bank statements
  • An NBS salary account is mandatory.
  • Application fee receipt
  • Proof of deposit
  • Proof of legal fees (10% to 13%)
  • Bill of Quantity for building loans
  • Copy of approved plans for building loans
  • Certificate of compliance and site plan for building loans
  • Declaration of other loans (bank or employer)
  • Fully completed form