HARARE, February 25 (The Source) – CABS has reduced the initial deposit payable for stands under its Budiriro housing development scheme to 10 percent from 25 of the total cost after reporting slow uptake of the stands, an official has said.
Two-roomed houses cost $22 000 while four roomed houses cost $27 000.
Most home seekers were failing to meet the bank’s requirements with only 440 out of 3,000 applications being successful.
A Harare city council official, who spoke on condition of anonymity as he is not authorized to speak to the Press, told The Source that the financial institution and council held a meeting in January to devise mechanisms to attract takers for the houses.
“Cabs/Old Mutual advised the meeting that it had revised downwards to 10 percent from 25 percent cash deposits required for the mortgage applicants.”
“On its part, Harare City has relaxed the six months mandatory waiting period for new entrants on the housing waiting list before they can qualify for allocation,” he said.
Zimbabwe has a national housing backlog of 1, 25 million.
Harare has a target to deliver 105,000 houses by 2018 under the government’s ZIMASSET economic blue print.