Commercial mortgages are granted to businesses for purposes of acquiring or developing real estate to be used by the company in its day to day operations. These could be industrial or commercial properties. The tenor of commercial mortgages is up to 10 years and depending on the cash flows, businesses can opt for a tenor shorter than 10 years. Interest rate is 16% per annum and there is a valuation fee 1.5% of the loan amount. The Society finances up to 75% of the value of the property to ensure a loan to value ratio of 75%. The applicant will therefore have to contribute 25% of the purchase price.
CABS mortgages for Budiriro scheme - new conditions.
Available are two and four roomed core houses on land measuring between 240 square meters and 300 square meters.
- First time and existing homeowners are eligible to apply.
- Zimbabweans in the diaspora can apply for the housing scheme upon meeting the CABS' mortgage criteria.
- Corporates who meet CABS criteria can now participate in this scheme.
- A deposit of 10% is required upon application.
For more information, please contact your nearest CABS branch.