POSB bemoans mortgage facility low uptake

POSB bemoans mortgage facility low uptake
Published: 02 September 2017 (340 Views)
State owned financial institution, the People's Own Savings Bank (POSB) is bemoaning a low uptake of its US$5 million mortgage facility by the low income households as beneficiaries fail to submit credible bankable proposals.

It is against this background that POSB is engaging relevant stakeholders to come up with a favourable borrowing plan.

The bank's chief executive officer, Mr Admore Kandlela confirmed to the ZBC News over the weekend the housing financing facility for the lower income bracket will however not be shelved or put on hold due to the low uptake by customers.

"It is still in progress and it is not going anywhere," he said.

Low cost mortgage financing is therefore important in sustaining the socio-economic development of the nation, said Mr Kandlela.

He said: "It is just a matter of time when we shall say all is being finalised".

According to the Bankers Association of Zimbabwe (BAZ), the country's housing financing sector which currently boasts of eight banks is also complying with a directive by the central bank to reduce lending rates to 12 percent per year from 16.5 percent as of December 2016.



- zbc

Tags: POSB, BAZ, mortgage,
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