CABS opens up housing project to Diaspora, companies after poor uptake

CABS opens up housing project to Diaspora, companies after poor uptake

HARARE, June 12 (The Source) – Zimbabwe’s largest mortgage lender Central African Building Society (CABS) says it has opened up its Budiriro housing development scheme to Zimbabweans in the Diaspora and individual companies after a low up take since its launch in 2013.

So far only 440 out of 3,000 houses have been taken up, with most home seekers failing to meet the bank’s requirements.

Old Mutual Property general manager, Gilbert Gumpo told The Source on Friday during a tour of the site that uptake for the stands had been low and the company is now looking to tap into the Diaspora market.

“At first, the scheme was only open to Zimbabweans resident in the country but we have since reviewed that position and we are opening it up to those in the Diaspora.”

“You also see that initially the project was only accessible to individuals but that is another position we have changed. Companies can now participate in the scheme,” he said.

Two-roomed houses cost $22,000 while four roomed houses cost $27,000 with mortgages of up to 20 years.

Gumpo confirmed that the initial deposit payable had been revised downwards to 10 percent from 25 of the total cost.

Zimbabwe has a national housing backlog of 1, 25 million while Harare has a target to deliver 105,000 houses by 2018 under the government’s ZIMASSET economic blue print.