Business

ZNBS embarks on mortgages payout

KABANDA CHULU, Lusaka
ZAMBIA National Building Society (ZNBS) says the institution is taking steps to reduce the length of approving mortgages from the current 41 days to about 20 days that will result in disbursing 2,700 mortgages annually.
Currently, mortgage disbursements stand at 1,200.
In an interview, ZNBS public relations officer Mubanga Chanda said the society has devised various measures to ensure that affordable mortgage finance and housing development becomes a reality.
“This follows the decentralisation of the approvals and disbursements that were only done at head office in Lusaka, but now clients can access the mortgages at any branch across the country.
“We are also working at reducing the turnaround time when approving and disbursing the mortgages from the current average of 41 days to about 20 days or even lower,” Mr Chanda said.
ZNBS was established in 1970 with a mandate of supporting the increase of housing stocks through mortgage financing to enable people build or buy houses and building own (ZNBS) structures.
Mr Chanda said there is need to embrace the public-private-partnership (PPP) model to reduce the over two million housing deficit facing the country.
“We believe the PPP concept is the way forwards, hence the proposal to Ministry of Local Government and Housing to help build houses, especially, in the newly-created districts.”
“So far, Nyimba District Council has responded positively and allocated 27.5 of land where ZNBS will finance construction of 300 houses. There are also expressions of interest from Chikankata, Chilanga, Kabwe and Luanshya municipal councils,” he said.

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