Home » General » ZB Bank, Zaha Join Hands to Build Houses

ZB Bank is set to roll out a number of housing projects in conjunction with the Zimbabwe Amalgamated Housing Association following Wednesday’s unveiling of an agreement signed between the two parties.

The partnership would result in the bank aancing mortgages to members of the housing association to buy stands and build houses. The unveiling ceremony was attended by ZB Bank officials Mr Peter Muredzi from the business unit, Mr Erasmus Gono from retail banking and Mr Edgar Gono from corporate banking.

Speaking at the occasion, Zaha director-general Mr Killer Zivhu said the partnership would result in the release of more residential stands to the people.

“We want to take this opportunity to tell our members and the nation at large that we have entered into an agreement with ZB Bank for all our housing projects,” he said.

“ZB Bank will help Zaha finish its projects and embark on new ones. Many housing co-operatives are collapsing because of lack of finance, but this deal will result in Zaha rolling out more projects in various parts of the country.”

Mr Zivhu said together with ZB Bank they wanted to instil a culture of saving for housing among the people.

“We are bringing a new horizon in the housing sector and we are encouraging Zimbabweans to start saving now and we will provide the land for them to start building,” he said.

Under the agreement, members of Zaha open a fixed account at ZB Bank and will be only asked to pay upon the signing of an agreement for a serviced stand. Zaha’s system is different from many other housing co-operatives which ask people to pay money for non-existent stands.

The alliance between ZB Bank and Zaha is expected to release more housing stands on the market and help alleviate the shortage of accommodation and reduce the housing backlog estimated at 1,25 million units.

Mr Zivhu, who is also the chairperson of the Cross-Border Traders Association, said the agreement with ZB Bank will see the financial institution offering loans to members of the association.

“The funds availed by the bank will be mainly for those who cannot offer security,” he said. “Many people in small-scale businesses fail to access loans because they lack collateral,” he said.

Source : The Herald