THE National Building Society (NBS) says it has approved 3 004 mortgage applications since its inception in 2016 despite the tough operating environment the banking sector is operating under.
Presenting Financial Results for the year ended June,30 2017, NBS Acting Board N Chiminya said the mortgages contributed to the execution of several housing projects in Harare.
Since inception, NBS has approved 3 004 mortgage applications, these contributed to the implementation of several housing projects with some of the completed units having been commissioned in areas like Adelaide Park in Epworth, Woodbrooke Park in Budiriro, as well as Amalinda Park in Glen Nora, Harare.
“Over and above these, there several projects have been launched nationwide and these include: Victoria Range in Masvingo which is estimated to produce over housing units for civil servants in the province, we also have Magakooshla in Shurugwi which will also produce a minimum of 450 units for the civil service employees,” said Chimnya.
He added that the Woodlands project in Gweru would also produce in excess of 150 units for the informal sector, private sector as well as the uniformed forces while in Chinhoyi, they are working on a project that will yield 700 units for individuals from across all sectors.
Similar developments will also be taking shape in Matabeleland region and in Manicaland where we have projects that will yield about 2000 housing units when completed.
“These projects are expected to be carried into the second half of the year and form part of the work done so far towards the fulfilment of the annual target of 10 000 housing units in 2017.”
Meanwhile, the bank says it has intensified efforts to ensure it reaches out to wider population in a bid to sell its products.
“Our delivery numbers have uniquely been enhanced by our focus on delivering affordable housing mortgage finance. Key to this has been our ability to offer the lowest interest rates on the market backed by favourable tenure of up to 25 years thus enabling the low to idle income class who have traditionally been financially excluded to successfully apply for mortgage finance.
“To further enhance our customer’ experience and improve our market reach, we have expanded our branch distribution network to four branches with the addition of the Chinhoyi and Gweru branches. We are also planning to add two more branches in Masvingo and Mutatre by the end of the year.”
NBS has also launched agency banking (Insta-point), which can be accessed through NSSA offices country and other registered agencies.