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ZNBS to up mortgage tenure

ZAMBIA National Building Society (ZNBS) will this year increase the tenure of mortgages from 10 to 15 years to make mortgages affordable for consumers.
ZNBS managing director Joseph Chikolwa said in an interview recently that the move to increase the mortgage tenure will empower more Zambians with accommodation as they will be able to service their debt over a long period of time.
The interest rates on mortgages will be determined by market forces.
“We are extending the tenure of mortgages, but that does not mean that interest rates will go down but will be based on market forces. The extension of tenure will only ensure flexible payment to enable more consumers access loans,” Mr Chikolwa said.
He said access to affordable mortgages is key in mitigating the accommodation deficit in the country.
Mr Chikolwa said the institution remains committed to providing mortgages to the public despite the tightness in liquidity due to economic challenges in the country.
Last year, ZNBS disbursed mortgages worth over K170 million with over K50 million being given to women. The institution plans to exceed the disbursement this year.