For many people in Zimbabwe owning a house is the fulfillment of a dream! When you think of buying your own home obviously many questions come to your mind. Do I really need to buy a home? Have I got enough money saved? Can I afford it? The bottom line is that buying a home is a major financial decision and as CBZ we are here to help you understand and enable you to become a proud house owner!
In the Government of Zimbabwe 5-year economic turnaround plan dubbed ZimAsset, the country has a housing backlog of 1,25 million units in urban and resettled areas. CBZ as a financial services organisation is a keen and key player in the national economic turnaround of Zimbabwe and we are committed to play our part in meeting the national goals of infrastructure and housing development.
Background to Nehosho Housing Scheme, Senga Gweru
We are pleased to unveil the Nehosho Housing Scheme which is now up for sale. We embarked on this housing project in Gweru’s Nehosho suburb with 1095 undeveloped low cost residential stands which to date have been completely serviced(sewer and water reticulation, tarred roads and tower lights) and three prototype houses having been constructed. The three housing structures have two rooms, three rooms and four rooms respectively. The project is being funded mainly from external lines of credit from Shelter Afrique as well as internal sources of funding.
Objective and Target
The objective of the housing project is to increase housing delivery in the economy mainly focusing on low cost housing in line with the ZimAsset national agenda. CBZ is excited to offer the market a product that caters across the socio-economic divide. Through the Bank’s CashPlus Housing Savings Product, we are enabling the informal sector, thereby dispelling the myth that banking is only for the formally employed. This product is therefore open to both the formal and the informal sectors.
The Housing project
The project is located about 13km from Gweru city centre and 3km from Midlands State University with stand sizes ranging from 126m2 to 483m2. Nehosho housing project offers the following three types of houses.
- 2 roomed unit- comprising of 1 bedroom, kitchen, combined toilet and shower
- 3 roomed unit – comprising 2 bedrooms, combined kitchen & lounge, combined toilet and shower.
- 4 roomed unit – comprising 2 bed rooms, lounge/dining separate kitchen, bathroom & toilet.
On stands where 4 roomed units can be built, buyers have an option to either buy a stand and carry out their own construction or enter into an agreement with the Bank to build the houses.
The selling price for the housing units ranges from $15 000.00 to $23 000.00 with a minimum deposit requirement of 25%. Monthly repayments on the mortgage range from $200.00 to $300.00. One can build up the deposit over a period of time through the CBZ CashPlus Housing Savings Account.
The Nehosho Housing Scheme is open to all Zimbabwean citizens regardless of their location as long as they are registered on the Gweru City Council Housing Waiting list and meet the minimum CBZ Bank’s mortgage loan application requirements.