Fund-Backed Mortgage Scheme
The Fund backed mortgage facility is open to all ZEIPF contributing members who never accessed mortgage before and are permanent employees with any of the sponsoring employers.
Reviewed Terms of the Mortgage Scheme
An outline of the reviewed terms is as follows:
Partnering Commercial Banks
For your convenience, mortgage loans are being offered through NMB Bank Limited and National Building Society (NBS). Applications should be submitted to any of the branches, which are detailed in the attachments , for terms and conditions.
Accessibility
To increase member access to this facility, NMB Bank and NBS offer loans to members with or without title deeds, through the following products:
- Traditional Mortgage loans – for members with title deeds only.
- Micro-mortgage loans – for members without title deeds. The forms of ownership acceptable under this arrangement are outlined in the attached circulars from the respective banks.
Loan Terms
Mortgage loans are offered in Zimbabwe Gold (ZWG), under the following terms:
- Tenure: 36 months
- Interest Rate: 45% per year
Loan Entitlement
The loan entitlement for members will be approximately 10 times the net salary, subject to a debt burden ratio of 40%. The net salary considered will include the ZWG equivalent of USD income, and all permanent allowances. A maximum loan limit in Zimbabwean Gold (ZWG) equivalent to USD 20,000 will apply for micro-mortgage loans.
Loan Requirements
A list of requirements for both traditional and micro-mortgage loans is outlined in the attached appendices .
Funding
The mortgage facility will be financed by 10% of collected ZWG contributions as per the policy and strategic plan. The Fund emphasizes that the facility has limited funding, and its availability will depend on the timely payment of contributions by participating employers, among other factors.
Priority
Due to limited funding and in the spirit of fairness to all members, priority is given to members who have not accessed the mortgage from the Fund in previous years.
Contact Information: Kindly contact the pensions office through any of the following ways for more information concerning the provision of mortgage loans.
- Contact Personnel: Pamela, Pepetua, Portia, Ellah
- Telephone: +263 242 252736-8 / 242 252764 / 242 252845
- Email: benefits@zesapf.co.zw
- WhatsApp: +263 777 953 777