We are driven by our vision is to deliver affordable housing to Zimbabweans using quality financial services products that facilitate homeownership for all. 

Designed to provide finance to clients who would like to:

• Build a residential property
• Renovate and/or improve a residential property
• Purchase an existing residential property

1. Learn About Home Loans

1. What is a mortgage loan?

A type of loan to buy or build a residential property.  It is also known as a home loan.  Usually long term in nature, mortgages enable you to become a homeowner without having all the cash up front. 

• Qualifying for a mortgage loan?

There are a number of considerations to qualify for a home loan:

• having a stable and reliable income.
• Age stipulation has a bearing on the maximum period that the loan can operate which is gauged against time to retirement at NBS.
• As a guide, total monthly mortgage loan repayments should not exceed 40% of gross monthly income so that the client is not financially burdened. 

• Mortgage Loan Deposit

The deposit or down payment is the money paid as the client’s contribution or commitment towards the purchase of the residential property.  In most cases it is required upfront and the larger the deposit paid, the cheaper the monthly loan repayment becomes. 

• Mortgage Loan Repayment

This is the amount the client pays every month towards the mortgage loan.  It includes the payment of interest and the loan principal.

• Insurance Cover on the Mortgage Loan

Protection that is incorporated into mortgage loan and includes (i) Homeowners Cover to safeguard against damage to the property and (ii) Life Cover in case the borrower is unable to repay the mortgage loan due to death or a debilitating condition. 

• Collateral/Security for a mortgage loan

The borrower promises collateral or security in the case that they stop making payments on the loan.  With a mortgage, the collateral is the residential property which the lender can repossess in a process called foreclosure.

1. Requirements for a Mortgage Loan Application

• Related to the Applicant
• Passport size photograph taken within 6 months of application
• Certified copy of Zimbabwe Passport
• Certified Proof of Residence in the diaspora (3 months old or less)
• Residence permit (where applicable)
• A notarized affidavit signed by a Notary Public confirming identity, residence and work status as well as declaration of all loans
• Stamped 6 month’s bank statement through which salary is paid
• Work permit (where applicable)
• Certified copy of latest pay advice/slip
• Letter from Employer confirming salary, retirement age and contract of employment
• Declaration/statements of other loans and borrowings (from other financial institutions, for example)
• Credit Reference Report

Other Requirements

• Monthly repayments in United States Dollars
• Fully completed Application Form
• Loan Application Fee
• Active NBS Account
• Zimbabwe address to which NBS will serve documents
• Special Power of Attorney for person signing the documents on behalf of applicant and their identity documents plus proof of residence documents

Advice for Building, Remodeling or Buying A Residential Property

• Tip One: While you desire a dream home, it is important to know your spending limits.  Concentrate on your short-term needs vis-à-vis your present income to avoid being financially squeezed.  Keeping your budget modest will also enable you to deal adequately with expenses that arise unexpectedly.

• Tip Two: Use our mortgage loan calculator to determine how much you qualify for and what you can afford.  Bear in mind that apart from the mortgage loan costs, there will be other expenses incurred in the building, renovating, or purchasing process such as legal fees, tax, insurance and getting plan approvals.

• Tip Three: Know your requirements and the type of property suitable for you, your family and lifestyle. Consider size, number, layout, and flow of rooms as well as desired location in relation to proximity to amenities like public transport, workplace, and children’s schools.

• Tip Four: Based on your research, consolidate your plans with the assistance of professionals in the field.  When purchasing a home or undertaking construction, it is advisable to seek the expertise of a reputable Estate Agent or Building Contractor.

• Tip Five: Approach NBS to get guidance and financial assistance.  Apply for a mortgage loan and submit all the required support documentation.