STANBIC Bank says it plans to lure Zimbabweans in the diaspora to fund construction of houses under a tailor-made mortgage facility.
The facility called “Diaspora Home Loans” is part of a wider mortgage finance plan by the bank, whose goal is to ensure that Zimbabweans at home and abroad have access to better housing.
On Wednesday, Stanbic Bank Zimbabwe’s head of client solutions Tich Zuze said the lending institution was committed to ensuring that Zimbabweans in the diaspora build or purchase houses back home.
“We have established a well-thought out diaspora home loan facility through which Zimbabweans living abroad can acquire completed houses, construct new properties, undertake property improvements and equity release,” Zuze said.
“Stanbic is aware that a house is one of the most important investments anyone can make and the diaspora home loan facility plays a pivotal role in ensuring Zimbabweans in the diaspora enjoy a sense of belonging and achievement in the knowledge that they have a house back home,” Zuze said.
He said for one to be eligible for the facility, they needed to provide proof that they have a secure job in the diaspora such as a stamped letter of introduction from employer confirming salary, retirement age, and contract of employment which should be long enough to cover loan term and a certified six-month bank statement from a bank their salary is paid.
Applicants will also need to provide a local address to which Stanbic Bank will serve documents and service of process when need arises.
Other documents include completed home loan application form and having minimum of 24 months duration of employment with the same employer while proof of extra income is an advantage.
A comprehensive list of the requirements is accessible via the bank’s website and one can visit any Stanbic branch for assistance.
The facility comes at a time when Zimbabwe is struggling to clear a housing backlog estimated at 1,2 million.
Banks have recently focused on the diaspora market to tap into foreign currency, which is critical in the development of houses, after the domestic currency was hit by inflation.