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We all dream of owning our own homes, and at Property.co.zw we remain deeply committed to helping you make that dream a reality.
We’ve previously shared how income, expenses, deposit size, and fees play a big role in whether you qualify for a mortgage. Today, let’s update you on what’s on offer now, plus some fresh details you should keep in mind when choosing which mortgage type works best for you.
Common Mortgage Types Offered by Zimbabwean Banks
Here are mortgage options that almost every bank in Zimbabwe offers, with a few updates:
| Mortgage Type | What It Covers / Best For | Recent Updates & Details |
|---|---|---|
| Building Finance | For buying a titled & serviced stand and building on it, or financing construction on a stand you already own. | Stanbic offers “Home Construction” loans with flexible 5‑year building plans. |
| Property Purchase | Buying an existing residential or commercial property. | Stanbic’s “Buying a Home” mortgage goes up to 20 years tenure. |
| Property Renovation | Renovations, fixing up properties, adding new extensions. | Many banks now include quotations for materials & labour; POSB offers home‑improvement options. |
| Equity Release | If you own a property outright or have significant equity, you can borrow against it. | Many banks now allow up to ~50% of value. Stanbic, NBS etc include this option. |
| Diaspora Mortgages | Designed for Zimbabweans abroad who want to buy, build, or improve property back home. | CBZ launched new diaspora mortgage products recently. |
Things to Watch Out / Recent Market Challenges
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High interest rates & costs: Mortgages (especially USD‑indexed ones) are being affected by elevated interest rates and currency instability.
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Larger deposit requirements: Some banks now require higher deposit percentages (e.g. 25% or more), especially on higher risk or foreign currency loans.
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Local vs USD currency issues: Uncertainties associated with exchange rates and multi‑currency regimes make long‑term mortgage planning more complex.
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Suitability: Many mortgage products favor those with formal income, stable employment, supporting documentation. Informal sector or unverified income may be more difficult.
What You Should Do to Make the Best Decision
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Compare offerings: Look at banks like Stanbic, POSB, CBZ, NBS, FBC, etc. See what deposit %, interest rate, loan term, fees (valuation, legal, establishment) each requires.
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Check currency terms: If possible, find USD‑indexed or stable currency options if you expect local currency inflation or devaluation.
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Assess your budget carefully: Include all fees + deposit + insurance + taxes (stamp duty, bond registration).
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Preparation is key: Have title deed ready, income proof, bank statements, and ensure the property is eligible (titled/serviced).
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Look at your timeline & type of property: Buying a completed house vs building vs buying a fixer‑upper have different risk profiles and expenses.
At the end of the day, there are over 8,000 property options on Property.co.zw from residential stands to complete houses, fixer‑uppers, and off‑plan projects.
Explore what works for you and make informed decisions. You’ll be closer to your dream home every step of the way.
