Sat, 06 May 2017 14:58:32 +0000
By OSCAR MALIPENGA
A MEMORANDUM of understanding between NHA-MKP Estates Development Limited and Zambia National Building Society (ZNBS) has been signed to fund mortgages for the public to purchase 250 houses constructed at a cost of K80 million in Lusaka.
And ZNBS chairman Joseph Chikolwa announced that the society had reduced mortgage loans from from 22.5 to 21.5 percent.
Speaking during the signing ceremony at Heroes Estate, North Gardens, in Lusaka yesterday, NHA-MKP chairman Savior Konie said the agreement would provide an opportunity for more people to become home owners.
Mr. Konie explained that a 53 x 3 bedroom high cost unit was pegged at K665,000 while a 60 x 3 bedroom medium cost double-storey house was costing K550,000 and a 140 x 2 bedroom house has been pegged at K350, 000.
And Mr Chikolwa explained that the society had reduced the building materials loan to 29.5 from 31 percent and the friendly loan and salary advance was now pegged at 31.5 percent.
“In our negotiations with NHA-MKP estates that culminated into this occasion we are here for, the developer has assured ZNBS that the prices of the houses will be based on the level of completion, namely a core-house without finishes, this means a house will have no fittings such as titles, kitchen units and any other fittings, and a house with finishes, this means a house will have fittings,” said Mr Chikolwa.
He said over 60 percent of ZNBS books were self-built houses. Mr Chikolwa however said if developers were able to deliver a house at an affordable price, customers out there would be willing to go for such a product, adding that it would translate into the loan book growing at a faster rate for the society.
And National Housing Authority (NHA) representative Anderson Zulu said Zambians should expect more of such products from ZBNS, MKP and NAPSA, among other developers.
Mr Zulu disclosed that NHA was working on joint venture projects with other developers.
He described the 250 housing units offloaded by MKP as a success.
