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NMB Mortgage

by Sep 5, 2019

The Scheme is for the following purposes:

  • To purchase completed properties.
  • To purchase vacant serviced stands.
  • For building.
  • For home Improvement.
  • Equity release/refinancing/pay off loan balance with the Fund.

 

Special Conditions:

 

Requirements:

 

All contributing members of the Fund

No Deposit required (if Purchasing a stand or house)

Current Interest rate 15% p.a subject to change.

Valuation fee $320.00 (purchasing, building or property improvements)

Establishment fees 1% of the loan amount (once off)

Tenor up to 20 years

Interested members should open a Current Account as per the Bank’s requirements for the purposes of loan disbursements and repayments or salary credits

Security registration of mortgage bonds over properties with title deeds.

Mortgage loan insurance which covers death due to accident, natural causes and permanent disability (Mortgage protection policy)

Property insurance

Cession of pension benefits.

Confirmation of Accumulated Pension contributions to date

Letter from employer confirming permanent employment and undertaking to channel the salary or source deduction

Current payslip

Copy of ID

Copy of title deeds (purchasing, building or property improvements)

Agreement of sale (if Purchasing a stand or existing house)

Fully completed Mortgage Application Form

Copy of approved plan (if building and property improvements)

Quotations for work to be done (building and property improvements)

Bond fees approximately 5% of the loan amount.

Transfer fees approximately 7% of the purchase price.

For loan take over –Loan balance statements from the banks/fund.

Marriage certificate/Affidavit from spouse.

 

 

 Loan Entitlement:

Maximum Entitlement = Gross Income X 31 times subject to repayments not exceeding 40% of net income and years to retirement and is subject to change from time to time.

NB- In all cases, this is subject to suitable valuation of property.                   

 

Application Flow Process:

  • Applications are made to the nearest NMB Bank branches.
  • The turnaround of applications up to approval assuming all the documentation has been submitted is approximately minimum 14 working days up to 21 working days inclusive of valuation.
  • For loans take overs, NMB liaises with the Fund to facilitate settlement of loan balance and transfer of title deeds to NMB.
  • For NMB purchases, NMB liaises with the Seller’s lawyers to facilitate transfer and registration of bond at Deeds Office.
  • For building finance, Once the bond has been registered, the Funds are disbursed to suppliers or contractors in stages upon approval by NMB valuers,
  • Once completed, NMB shall write source deduction letter with the repayment to the employer.

 

Branch Networks  

Branch

Name

Contact land numbers

Email

 

Harare Branches

 

Joina/Angwa City

Tendai  Mweta

04-759803/5 ,798865-9

tendaimweta@nmbz.co.zw

 

Avondale

Thandiwe  Kamaliza

04-708391-5

ThandiweK@nmbz.co.zw

 

Borrowdale

Witness  Tenderere

04-850983-9

witnesst@nmbz.co.zw

 

Eastgate

Sifiso  Mutema

04-797362-9

SifisoM@nmbz.co.zw

 

Msasa

Ruvimbo Bondayi

04-446100-9

ruvimbob@nmbz.co.zw

 

Southerton

Gladys  Simoya

04-775150-2/773901

GladysS@nmbz.co.zw

 

Excellence Centre

Sandra  Harid

04-850921-7

sandram@nmbz.co.zw

 

 

 

 

 

Out of Harare Branches

Chitungwiza Kiosk

Patricia Kundeya

0242 122462 / 122355 

patriciak@nmbz.co.zw

 

Bindura Kiosk

Barbra Mutandwa

0271-6892/41/60/65

barbram@nmbz.co.zw

 

Bulawayo

Munyaradzi Chikosha

09-886628

munyaradzic@nmbz.co.zw

 

Gweru

Timothy Mangena

054-227704-6/226027

timothym@nmbz.co.zw

 

Mutare

Aurthur  Mupunga

020-69136-45

arthur@nmbz.co.zw

 

Masvingo

Charles  Mugadza

039-262810/262813/5

cmugadza@nmbz.co.zw

 

Chinhoyi

Faustina Marowa

067-25212-17

faustinam@nmbz.co.zw

 

Kwekwe

Charity  Mashava

055-25780-7

CharityMashava@nmbz.co.zw

 

Victoria Falls

Tawanda