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.
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)
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
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.
Maximum Entitlement = Accumulated Capital in the fund as of date of loan processing.
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||Name||Contact land numbers|
|Joina/Angwa City||Tendai Mweta||04-759803/5 ,firstname.lastname@example.org|
|Excellence Centre||Sandra Haridemail@example.com|
|Out of Harare Branches|
|Chitungwiza Kiosk||Patricia Kundeya||0242 122462 / firstname.lastname@example.org|
|Bindura Kiosk||Barbra Mutandwaemail@example.com|