POSB bemoans mortgage facility low uptake

POSB bemoans mortgage facility low uptake
Published: 02 September 2017 (694 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

Man ordered to pay Total Zimbabwe $30,000

by Staff reporter | 16 October 2018 | 34 Views

Sickness delays Mugabe ally's case

by Staff reporter | 16 October 2018 | 44 Views

UK announces big inrease in cost of its visas

by Staff reporter | 16 October 2018 | 35 Views

ZCC still want ED and Chamisa to reconcile - morbid clergy holding us back

by Patrick Guramatunhu | 16 October 2018 | 35 Views

How powerful is the Zimbabwe passport?

by CNN | 16 October 2018 | 44 Views

Meat price skyrockets by 100%

by Staff reporter | 16 October 2018 | 34 Views

Lets support the man on the ball

by Munya Shumba | 16 October 2018 | 100 Views

Seeking police clearance for jerry cans a new Mnangagwa madness

by Clr Jacob Mafume, MDC National Spokesperson | 16 October 2018 | 142 Views

Mthuli Ncube's desperate bid facing a sharp court challenge

by Staff reporter | 16 October 2018 | 110 Views

Chamisa reconfigures party structures

by Staff reporter | 16 October 2018 | 95 Views

Zanu-PF infighting takes witchcraft twist

by Staff reporter | 16 October 2018 | 183 Views

Pastor humbled by Zanu-PF readmission

by Staff reporter | 16 October 2018 | 73 Views

'Vehicle licensing to be decentralised'

by Staff reporter | 16 October 2018 | 63 Views

Undenge's fraud trial on controversial Chivayo deal fails to start

by Staff reporter | 16 October 2018 | 48 Views

Pokello parties with new love

by Staff reporter | 16 October 2018 | 39 Views

Mnangwagwa gets cholera vaccine

by Staff reporter | 16 October 2018 | 45 Views

Agricultural productivity a panacea to Zimbabwe's economic revival

by Elijah Chihota | 16 October 2018 | 53 Views

Zimbabwe has enough sugar to last 3 years

by Staff reporter | 16 October 2018 | 94 Views

Court test for Mthuli Ncube's unpopular tax

by Staff reporter | 16 October 2018 | 106 Views

Vacant Senate seats gazetted

by Staff reporter | 16 October 2018 | 92 Views

Zimbabweans rejected Mnangagwa in July, now economy rejects him too

by Stephen Jakes | 16 October 2018 | 114 Views

Minister clarifies on Mberengwa Police District Office establishment

by Stephen Jakes | 16 October 2018 | 84 Views

Mthwakazi Republic Party Warns ZANU PF Aligned Warvets

by Stephen Jakes | 16 October 2018 | 69 Views

Go Warriors Go

by Leonard Koni | 16 October 2018 | 74 Views

Foreign investment and the IMF will cripple Zimbabweans

by David Barber and Tendai Ruben Mbofana | 16 October 2018 | 86 Views

CIO competence questioned by RBZ Governor

by Staff reporter | 15 October 2018 | 353 Views

Thousands rush as Egodini offers job prospects

by Staff reporter | 15 October 2018 | 245 Views

Clashes mar distribution of presidential inputs

by Staff reporter | 15 October 2018 | 192 Views

Lobengula was King of both Matebeleland and Mashonaland

by Etiwel Mutero | 15 October 2018 | 203 Views

Mnangagwa calls forex dealers a security threat

by Staff reporter | 15 October 2018 | 196 Views

List of black market forex dealers circulating on social media

by Staff reporter | 15 October 2018 | 528 Views

Of the national flag, scarf and patriotism

by Nobleman Runyanga | 15 October 2018 | 204 Views

ZBC sues Tazzen Mandizvidza for $1m

by Staff reporter | 15 October 2018 | 232 Views