The National Building Society (NBS) , is a wholly owned subsidiary of the National Social Security Authority. The organisation offers mortgage of up to 25 years focusing on first time home owners and offers the lowest market interest rate at 9.5% per annum. The society is currently sitting on a $5 million loan book, five months since it started operations.
NBS will drive housing projects across the country which are expected to be completed in the next 2 years and will contribute to lessening the current housing backlog in the country. Implementation will combine collaborative schemes with partners and own implementation by NBS on some projects.
The plan is to deliver 10 000 houses and the projects will be phased out, some being expected to commence before the end of 2016 and the rest completed in 18 months. The projects are earmarked for various locations in and around the country namely Harare, Chinhoyi, Bindura and Masvingo as some of the areas.
NBS is engaging other property developers and contractors under the programme . It is currently undertaking the contractor selection processes and work is expected to commence by March 2017.
Mr. Ken Chitando, Managing Director of NBS confirmed that they would construct 784 apartments under phase 1 , while the second phase will have 1 600 stand alone houses being developed. They are at the planning, preconstruction stage for the Glaudina Phase 1 and will cost $30 million to complete. In Chinhoyi, $15 million will be spent to complete construction under phase 1.
In Masvingo the maiden development will be exploited under a collaborative scheme for 500 houses while in Shurugwi Midlands, NBS will collaborate with River Valley property developers. The current project in Shurugwi has 500 houses being constructed but the land has carrying capacity of 1 500 units.
