Zim Government to Re-examine Mortgage Finance System

The Government of Zimbabwe promised to re-examine the mortgage finance system so that those in the informal sector are able to access housing finance.

National Housing and Social Amenities Minister Daniel Garwe on Friday said the Government will re-examine the mortgage finance system.

“As we move towards our target of 220 000 houses by 2025, we are amending laws such that even those who are not formally employed can access mortgage finance, this is important because most people here are self-employed and have for years been excluded from mortgage finance to access housing loans.” Mr Garwe said.

He also mentioned that terms such as the requirement for payslips should be reviewed as the majority of Zimbabweans are in the informal sector.

The mortgage finance system makes it difficult for vulnerable groups who are in the informal sector to access housing.

A mortgage is a legal agreement by which a bank or other creditor lends money at interest in exchange for taking the title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt.

45 nations for the Shelter Afrique 41st Annual General Meeting (AGM) and symposium will be hosted next month in Victoria Falls from 25 to 29 July 2022. The event will be held under the theme ” Climate Change and the Built Environment “.