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And speaking at the same function, ZNBS Board Chairperson Dr.
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This means that instead of the 75% Loan To Value (LTV) as per industry practice, ZNBS will pay out the full cost of a house.Customers will also enjoy up to 60 days’ repayment holiday from the date of disbursement of the approved mortgage. Successful customers will also get up to 100% financing of their purchase under outright purchase. ZNBS has dropped all arrangement fees from 5% to 0% during the period of the promotion. “My challenge to ZNBS and other financial institutions is to come together as an industry and create new and innovative ways of assisting the informal sector to also join in the journey of home ownership.” The Nyumba Ya Banja Mortgage Promotion is set to empower 180 families and will run for a period of six (6) months beginning 24th February, 2020 targeting both men and women. “Although there has been rapid growth of the urban population, investment in urban infrastructure has not been commensurate with the growth in population. We therefore believe that we need initiatives like the Nyumba Ya Banja Mortgage Promotion to assist more Zambians with home ownership” the Vice President said. Wina identified some key factors that have contributed to the rise in the housing deficit in Zambia to as Urbanization and high cost and limited availability of long term financing. Charles Mushota at the Pamodzi Hotel in Lusaka, Mrs. Speaking through her representative, Housing and Infrastructure Minister, Eng. Launched on the 24th of February, 2020, the mortgage promotion attracted the interest of the Vice President of the Republic of Zambia, Mrs. Mutesa said during the launch of the long awaited promotion. “It means a home for the family and denotes a sense of family and collective ownership of the family home which ZNBS is proud to play a role in facilitating”, Mrs. Mildred Mutesa shared that “Nyumba Ya Banja” mortgage promotion has been coined against the background of family security and a sense of ownership. But more importantly giving lives meaning, well-being and happiness. The launch of the Nyumba Ya Banja Mortgage Promotion sets in motion the aspiration of the Society in terms of its mission to provide affordable and sustainable mortgage financial, financial services and other allied services for the benefit of the Society and other stakeholders. Zambia National Building Society (ZNBS) is about creating these “memory machines”. Physical places endure while memories and people fade, so homes and neighborhoods become “memory machines” that help us keep alive some of the strongest sources of what has given our lives meaning, well-being, and happiness. Targets to empower 180 families through affordable mortgage finance.