How To Access Credit (Accessing Credit - The Lifeline To Real Estate)

Owning a home is a dream for many, and at www.property.co.zw, we are committed to helping you achieve that goal. Mortgage financing is one of the key tools banks provide to assist buyers in acquiring property, making homeownership more accessible.

While mortgage financing in Zimbabwe has faced challenges in the past, the system is slowly reviving, offering more opportunities for homebuyers. Here’s what you need to know about securing a mortgage in Zimbabwe.

Why Consider a Mortgage?

Buying a home requires significant financial investment, which is often difficult for many individuals to afford upfront. Mortgages provide a solution by allowing buyers to spread payments over time, making homeownership more manageable.

Steps to Getting a Mortgage in Zimbabwe

1. Check Mortgage Availability with Your Bank

• Not all banks offer mortgage facilities, so it’s important to inquire about:
  ✅ Loan options available.
  ✅ Eligibility requirements.
  ✅ Repayment terms & interest rates.

2. Get Pre-Qualified

• A mortgage pre-qualification helps determine how much you can afford.
• The bank will assess:
  ✅ Credit history & score.
  ✅ Income vs. expenses.
  ✅ Existing debts.
  ✅ Deposit amount.
• Pre-qualification allows you to search for properties within your budget, reducing challenges during loan approval.

3. Loan Affordability Assessment

• Banks assess affordability by ensuring monthly repayments do not exceed 30-40% of gross monthly income.
• Your deposit size impacts your approval chances—most banks require 10-30% of the loan amount.

4. Meet Common Bank Requirements

Before approving a mortgage, banks typically require:
✅ Proof of funds for deposit & fees (Loan Application, Legal, Valuation Fees).
✅ A salary account with the bank (usually for at least 3 months).
✅ Age assessment (loan period depends on time to retirement for salary-based mortgages).

5. Understand Credit Checking in Zimbabwe

• The Reserve Bank of Zimbabwe (RBZ) has introduced a credit checking system to evaluate borrowers.
• Maintaining a good credit score improves your chances of mortgage approval.

Types of Mortgage Loans Available in Zimbabwe

1. Building Finance

• Suitable for:
  ✅ Buying and building on a serviced stand.
  ✅ Construction on already owned titled land.
• Some banks partner with construction companies & material suppliers to offer these loans.

2. Property Purchase

• The most popular mortgage option for buying an already existing residential property.

3. Property Improvement Loans

• Ideal for homeowners looking to renovate or upgrade their property.
• The property itself serves as collateral for the loan.

4. Equity Release

• Available to individuals & businesses that own property.
• Allows property owners to borrow against their property’s value to access liquidity for other financial needs.

5. Diaspora Mortgages

• Designed for Zimbabweans living abroad who want to purchase property back home.

Why Get Pre-Qualified Before House Hunting?

✅ Helps you set a clear budget for your home search.
✅ Saves time by focusing on properties you can afford.
✅ Increases your chances of loan approval when closing the deal.

Take Action Today

• Contact your bank to check if you qualify for a mortgage.
• Understand the loan options available to you.
• Choose a repayment plan that fits your financial situation.

Start your homeownership journey today! . Visit www.property.co.zw for available properties and make your dream home a reality!