POSB bemoans mortgage facility low uptake

POSB bemoans mortgage facility low uptake
Published: 02 September 2017 (582 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,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

MDC Founding Member calls upcoming elections fair and reasonable

by Knowledge Moyo | 19 June 2018 | 17 Views

You are Zimbabwean because Zapu said so

by Ryton Dzimiri | 19 June 2018 | 15 Views

Wining Zanu PF candidate vows to stand as an Independent

by A Mhlongo | 19 June 2018 | 44 Views

Chamisa says Mnangagwa want to kill him

by Staff reporter | 19 June 2018 | 55 Views

Looking for Pythias Makonese, please get in touch

by Ignatius Mabasa | 19 June 2018 | 36 Views

Zimbabwean immigrant appointed new senator in Canada

by Agencies | 19 June 2018 | 57 Views

Mnangagwa's lies exposed

by Staff reporter | 19 June 2018 | 69 Views

WATCH: CCTV sells out POS machine suspected thieves

by Staff reporter | 19 June 2018 | 52 Views

Zimbabwean gangster jailed 24 years in UK

by Agencies | 19 June 2018 | 80 Views

Mnangagwa challenges ZCDC

by Staff reporter | 19 June 2018 | 67 Views

Why digital money makes sense

by Nick Mangwana | 19 June 2018 | 61 Views

RBZ told to 'delegate forex allocation to banks'

by Staff reporter | 19 June 2018 | 66 Views

Govt sets aside $150m for Command Housing

by Staff reporter | 19 June 2018 | 65 Views

Zamalek table Khama Billiat offer

by Staff reporter | 19 June 2018 | 73 Views

UK embassy exposes MDC Alliance

by Staff reporter | 19 June 2018 | 86 Views

Chamisa unfit to lead Zimbabwe says Mangoma

by Staff reporter | 19 June 2018 | 74 Views

Adoption of MDC-T by Dr Khupe was 'mischievous'

by Staff reporter | 19 June 2018 | 64 Views

Police ban dangerous weapons

by Staff reporter | 19 June 2018 | 54 Views

'Call me Zodwa Wabantwana'

by Staff reporter | 19 June 2018 | 83 Views

Chamisa can't withdraw Alliance candidates says Welshman Ncube

by Staff reporter | 19 June 2018 | 81 Views

Mnangagwa heads to Mashonaland Central

by Staff reporter | 19 June 2018 | 52 Views

No load shedding, says Zesa

by Staff reporter | 19 June 2018 | 46 Views

Year-on-year inflation remains constant at 2.71%

by Staff reporter | 19 June 2018 | 44 Views

Zec says polls can't be stopped

by Staff reporter | 19 June 2018 | 48 Views

Zec to unveil ballot printing company

by Staff reporter | 19 June 2018 | 59 Views

Woman kills, dumps newborn

by Staff reporter | 19 June 2018 | 64 Views

Chamisa swallows Dabengwa

by Staff reporter | 19 June 2018 | 86 Views

12 years jail for church burglar

by Staff reporter | 19 June 2018 | 48 Views

Pregnancy storm after teens' incest

by Staff reporter | 19 June 2018 | 65 Views

FreeZim wins t-shirts wrangle with ZRP

by Staff reporter | 19 June 2018 | 47 Views

'Mugabe was told of missing diamonds'

by Staff reporter | 19 June 2018 | 45 Views

Calls for Kasukuwere's arrest

by Staff reporter | 19 June 2018 | 39 Views

Mujuru speaks on national healing

by Staff reporter | 19 June 2018 | 29 Views

19 MDC Alliance supporters injured

by Staff reporter | 19 June 2018 | 34 Views