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CBZ secures US$8m housing lo
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Clara Mawere - Herald Online
10/01/2014

CBZ secures US$8m housing loan

CBZ Bank has secured US$8,3 million loan from Shelter Afrique, a Pan-African financial institution, for development of a low cost housing project in Gweru, an official has said.CBZ corporate affairs executive Mrs Laura Gwatiringa told Herald Business that the bank, through its mortgage finance division, intends to develop 1 095 high density residential stands.

“The project is valued at US$13,5 million,” she said. “Funding amounting to US$8,3 million for the project’s first phase has already been secured from Shelter Afrique, a Pan-African financial institution that supports the development of housing and real estate in Africa. A balance of US$5,2 million will be funded from the bank’s internal resources.”

She said the first stage of the development would involve servicing of the stands by putting in water and sewer reticulation systems and construction of roads and storm water drainage.

The second stage of the development would involve construction of two to four-roomed core houses of different plan designs.
Mrs Gwatiringa said the servicing of stands was expected to commence in February next year and this phase would take about 10 months.

“Construction of houses will follow immediately thereafter on a phased approach,” said Mrs Gwatiringa.
She said the bank would sell the properties as developed stands and or finished core houses. “Prices for the core houses will vary depending on size and type, ranging from US$10 000 to US$16 000. CBZ Bank will provide mortgage finance to qualifying clients,” she said.

The bank completed Mtawusi Park project in Gweru with 368 low density stands this year. CBZ also unveiled a housing facility that is, however, only open to the bank’s account holders. The scheme is only for residential stands and beneficiaries would be expected to build their own houses.

According to the bank, under this facility a credit facility is extended by the bank for purposes of acquiring a stand that is a registered bond payable over 10 years and in the event that the beneficiary fails to continue with the scheme, the bank calculates the amount contributed by the client then charge interest plus penalty and pay out the remainder.

Currently, Zimbabwe is faced with a significant housing challenge. The current housing shortage is estimated at 1,25 million housing units which translate to a national backlog of five million citizens or more than 40 percent of total population. These housing problems resulting from constrained formal housing finance and public capital funding streams.

Housing finance schemes which are currently available have little incremental effect on the national housing stock as these are either exclusively packaged for a few targeted groups or are priced beyond the reach of the poor.

This week, the insurance and pension industry will seek to raise US$6 million through private placement bonds to mobilise funds for on lending to banks to finance low cost housing development.

The bond is the first tranche of the US$45 million to be mobilised under the Insurance and Pensions Housing Fund. It will be issued by the Insurance and Pension Housing Company, which oversees the Insurance and Pension Housing Fund, while Old Mutual Property will administer the fund raising.

The bond, to be sold to only local insurance companies, insurance brokers, pension funds, pensions administrators and other entities in the insurance and pensions industry will be sold at a fixed interest rate of 8 percent per annum from issue date.

It will be issued in two series. The first for about US$3,14 million to be issued on January 2, 2014 and the second for US$2,85 million to be issued on January 31.
CBZ secures US$8m housing lo


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