MASVINGO – The newly established NBS Bank has entered into an agreement with the Zimbabwe Teachers Association (Zimta) where the former will provide 25-year-loans for construction of houses for teachers in Masvingo Province.
Some 120 teachers who have residential stands at Victoria Range last week received offer letters approving their applications for loans from the Bank.
The arrangement is between the Bank and Zimta's provincial executive in Masvingo.
Zimta provincial chairman, Ignatius Nheya confirmed the arrangement to The Mirror in an interview were he was flanked by fellow executive members, vice chairman Jerryson Chikova, treasurer Vitalis Engineer and provincial executive director Nepheos Fred Temba.
"We have signed an agreement with NBS where the Bank will provide our members with mortgages to construct houses at Victoria Range for a maximum of $25 000 payable over 25 years.
"The first batch of 120 members has received their offer letters and the loans are being processed for construction to begin. The amounts will be deposited into the contractor's account. The contractor should be of the member's choice as long as the company meets the bank's requirements.
"Repayment of the loan will only begin after a member has been handed over the keys to the house" said Nheya.
Masvingo is the first Zimta province to have such an arrangement with the building society.
Nheya added that next week another group of 56 applicants are expected to get their offer letters from the Bank. Two meetings have been held between NBS represented by the managing director Ken Chitando and Matthew Chidavaenzi head of mortgages as part of negotiations for the arrangement.