By BUUMBA CHIMBULU
ABOUT K80 million has been set aside by the Zambia National Building Society (ZNBS) to empower Zambian citizens in a newly launched initiative meant to create a more affordable housing finance.
The promotion dubbed “Bwela Timange” is targeting to empower 160 households with a more affordable housing financing at reduced interest rates.
ZNBS Board Chair, David Nama, said the promotion was meant to enhance strategic partnerships and stakeholder engagement to drive down the cost of building materials.
This is evidenced by the presence of partners, BSI STEEL and Lafarge Zambia.
Dr Nama said the initiative was also meant to supplement Government efforts in reducing the current housing deficit.
“ZNBS has set aside K80 million to be disbursed during this promotion. We are very hopeful that after six months of the promotion, we will be able to see at least 160 households or families well empowered with housing.
“As we launch this product, allow me to assure you that my Board has put in place the following measures to ensure that citizens are able to access housing finance,” he said yesterday in Lusaka during the launch of the promotion.
At the same function, ZNBS Managing Director, Mildred Mutesa, said the promotion would run for a period of six months starting yesterday.
Ms Mutesa explained that benefits of the promotion included up to 100 percent loan to value, meaning that customers did not have to put up a contribution of 25 percent.