State-owned mortgage lender National Building Society (NBS) is targeting to develop 100,000 units worth $1,5 billion over the next five year to alleviate the country’s 1, 25 million housing backlog.
NBS plans to construct 10,000 units this year alone. It offers mortgage at 9,5 percent interest for high density houses and 11,5 percent for medium and low density housing with 15 percent deposit.
Managing director Ken Chitando told The Source on the sidelines of the company’s roadshow on Friday that there is high uptake of loans and they are going to invest more money in pipeline projects.
“We require about $1,5 billion for our five year plan to build 100,000 units and approximately $150 million for 10,000 units we target to build this year,” said Chitando.
Under the five year plan, NBS aims to provide 15,000 units in 2018 and 20,000 units in 2019.
The society is targeting to come up with at least 50 developments by March to reach the 10,000 units for the year.
The society’s low cost stands ranges between 100 square metres to 300 square metres at $10,500 and $38,190.
NBS financed Lafarge housing project for employees valued at $2 million last year.