Zero deposit stands for civil servants

By Patrick Chitumba

GWERU – Owning a house especially if you are a lowly paid worker in Zimbabwe is a nightmare. But a Gweru-based property company, Zimbuild Property Investments, has come up with a zero deposit housing scheme to cater for low income workers especially civil servants.

Zimbuild Property Investment is a subsidiary of Tinshel Properties which has invested $500 00 for a 50-acre portion in Gweru where it expects to establish more than 2 000 residential stands at zero percent deposit to customers. The company has been running similar schemes in Shurugwi, Kadoma and Norton.

The company’s chief executive, Mr Tinashe Manzungu, said in an interview that it was not feasible to ask customers to raise half or more of the cost of the stands at a time when most of them were paid low salaries.

“Zimbuild is an arm that seeks to afford all formally employed people a chance to own a home without having to struggle to raise the lump sum deposit for the stand.

“There is no membership or joining fees to be paid. No extra charges for the stand. Instead of getting a stand after an initial deposit which is pegged by other land developers at about $1 500, we give you your stand at zero deposit,” he said.

Although it has remained one of the lucrative markets, the property sector has been running at below expectations due to liquidity constraints.

Mr Manzungu said under the scheme, people who are employed only need to provide proof of employment to qualify. He said the premiums were pegged at $100 a month for a 200-square metre stand payable in five years.

“Construction of a house starts immediately as soon as the member pays 25 percent of the stand cost since the areas like Montrose in Gweru are already surveyed.”

He said his company has also insured the stands to cover the premiums in case the beneficiary dies.

“If you die the dependent will get the stand because it is insured.”

Mr Manzungu said efforts by his company were to complement Government’s push to build 125 000 houses, the target set in the economic blueprint Zim Asset.

“By 2018 we want to have provided stands and houses to more than 50 000 in Bulawayo, Gweru, Shurugwi, Kwekwe, Kadoma and other towns.” Sunday News