MICRO MORTGAGE LOAN AGREEMENT

(COMPLETE IN FULL)
1. PERSONAL DETAILS

TITLE (MR, MISS, MRS, DR, PROF, ETC): SURNAME MALE FEMALE

FIRST NAME MAIDEN NAME DATE OF BIRTH

PASSPORT No (Non-Residence): PASSPORT ISSUE DATE PASSPORT EXPIRATION DATE

PASSPORT ISSUER COUNTRY

ID NUMBER PAYROLL/EC No. NATIONALITY

CITIZENSHIP MARITAL STATUS PROFESSION

EMPLOYER/MINISTRY NET SALARY GROSS SALARY

OTHER SOURCES OF INCOME (Provide Proof)

PHYSICAL WORK ADDRESS

TIME AT CURRENT ADDRESS

TIME AT PREVIOUS ADDRESS

POSITION EMPLOYMENT PERIOD EMAIL

MAIN RESIDENTIAL ADDRESS:

SECONDARY RESIDENTIAL ADDRESS:

HOME OWNERSHIP: OWN RENT

PHONE NO.(H) PHONE NO.(W) CELL

SPOUSE DETAILS

NAME OF SPOUSE SPOUSE’S OCCUPATION

PHONE EMPLOYER

No. OF CHILDREN No. OF DEPENDANTS

BANKING DETAILS

ACCOUNT NUMBER BANK BRANCH

ANY ACCOUNTS WITH OTHER BANKS YES NO

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NEXT OF KIN

NAME SURNAME RELATIONSHIP

RESIDENTIAL ADDRESS

PHONE NO.(H) PHONE NO.(W) CELL

2. LOAN DETAILS
PURPOSE OF LOAN AMOUNT REQUIRED

PRODUCT TYPE SOURCE OF REPAYMENT

1st REPAYMENT DATE Application Type New Top-up

Loan Tenure 12 months 24 months 36 months 48 months 60 months Loan Balance if Top Up

3. CURRENT BORROWINGS

BANK/LENDER AMOUNT BORROWED MONTHLY INSTALMENT ACCOUNT NUMBER

HAVE YOU PREVIOUSLY BORROWED WITH OTHER BANKS YES NO

4. TERMS AND CONDITIONS

4.1 Your salary account must have been current with the Society for at least past three months
4.2 Your salary account must not be changed during the duration of the loan.
4.3 The Society will deduct all loan repayments on a monthly basis from your NBS Salary Account/Salary Service Bureau / employer
4.4 The Society reserves the right to take legal action in the event of default.

5. DECLARATION
5.1 I certify that all information given on this application and in support thereof is true and correct. I understand that should the information prove to be incorrect; the
Society reserves the right to decline the application or call up the loan balance outstanding.
5.2 I undertake to provide all documents requested by Society and to update all records in the event of change of any personal details.
5.3 I acknowledge that my attention has been drawn to the terms & conditions of the NBS Loan Facility and undertake to abide by these terms & conditions.
5.4 I acknowledge that the society has the right to call up loan if my account is not conducted satisfactorily.
5.5 I authorise the Society to recover any outstanding amount of the loan from my terminal benefits or any other monies due to me.

SIGNATURE OF APPLICANT DATE

FOR OFFICE USE ONLY

3 MONTHS SUBSCRIPTION CREDITS
KYC DOCUMENTS REPAYMENT TO NET INCOME
CHECKED
CREDIT CHECKS DONE
DATE ACCOUNT OPENED

COMMENTS

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 PROCESSED BY: SIGNATURE:

AUTHORISED BY: SIGNATURE:

Lender: NATIONAL BUILDING SOCIETY LIMITED (“NBS” or “the Society”) of

Borrower:

Account number

Borrower’s chosen domicilium /Address

Facility amount offered:

Purpose:

Tenure:

Interest rate:

Monthly Repayment Total ZWL$.............…….inclusive of capital, interest, establishment fee and Loan
Protection insurance premium

Facility fees and charges: (1)

(2) 1) Application fees of ZWL$................................................., (Capitalised)
(3) 2)Arrangement fee of ZWL$................................................, (Capitalised)
(4) 3) Credit Protection Insurance of ZWL$..................................., (Capitalised)
(5) 4) Payroll deduction arrangement fee of ZWL$........................, (Capitalised) where
necessary.
(6)
Repayments start date
1st day of the month immediately succeeding the month in which the first disbursement
of the Facility is made.

Condition(s) Precedent to Draw down: 1. 1. Signature by the Borrower of this Facility Letter, signifying his/her acceptance of all the
terms and conditions outlined herein.
2.Deduction of the Borrower’s loan obligation from his/her NBS transactional account or
directly from employer’s payroll into his/her NBS transactional account.
2. 3. Confirmation from employer or the Salary Services Bureau that the monthly repayment
instalments will be deducted at source and remitted to NBS monthly where necessary.

SPECIAL CONDITIONS OF FACILITY

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1. The loan facility is subject to approval on the condition that you satisfy the Society's qualifying criteria as defined in its policies and general conditions.
2. The loan repayment instalments shall be deducted directly from your payroll/NBS salary payment account on a monthly basis.
3. The Society reserves the right to change the payment method at any time during the tenure of the loan without any notice.
4. Undertaking by the Borrower not to divert salary from coming to NBS or not change payroll deduction arrangements for the duration of this facility
5. Any movement by yourself of source deduction arrangement shall constitute breach of this facility's conditions, and your entire loan shall immediately become
due and payable.

GENERAL CONDITIONS OF FACILITY

1. This Facility is denominated in Zimbabwe Dollars (or Zimbabwean Dollar Equivalence) and you must repay it in Zimbabwe Dollars. If you pay in any other
currency, the Society shall convert such currency to Zimbabwe Dollars using its spot exchange rate prevailing on the date you make the payment.
2. You must accept this offer within 14 days from the date hereof failing which this offer will lapse unless this period is extended by the consent of the Society in
writing.
3. You accept that the Facility represents a line of credit and not a legal obligation to lend on the part of the Society.
4. Interest on the loan will be charged on the advanced loan amount and is calculated on a daily basis and recovered using the reducing balance
method on the outstanding balance.
5. Establishment fees of ………..% flat , credit protection insurance of ….% and payroll deduction arrangement fee of …..% is payable on the loan amount by the
borrower to NBS on acceptance of this offer.
6. It shall always be in the discretion of the Society as to the extent, nature and duration of the Facility, and specifically the Society shall be entitled to call upon
you at any time to repay immediately any indebtedness owed by the Borrower to the Society.
7. Should you default in making any payments on the due date thereof, the whole Facility shall become immediately due and payable.
8. The Society will advise you within 30 days of any change in minimum lending rate, applicable interest and/or default interest rates, charges, or fees by
publication of a notice in a local or national newspaper or by a notice at its branches in Zimbabwe or by statement messaging. You understand and agree that
the Society is not obliged to obtain your signature for receipt of such communication. Within 14 days of change the Society shall confirm the change.
9. The Society may at any time and without notice combine all or any of your accounts and liabilities with the Society or set off all or any monies standing to the
credit of such account(s) including your deposits with the Society (whether matured or not) towards the satisfaction of your liabilities to the Society whether
as principle or surety, actual or contingent, primary or collateral, singly or jointly with any other person.
10. The Society may effect any necessary currency conversion using the prevailing exchange rate.
11. You agree to receive notices and any court process at your chosen address specified in the Special Conditions table above.
12. Unless you advise the Society to the contrary, the Society is authorised, but not obliged, to act on your banking instructions transmitted through a
telex/facsimile or email. You release the Society from, indemnify and hold the Society harmless from and against all actions, suits, proceedings, costs, claims,
demands, charges, expenses, losses and liabilities however arising, in consequence of in any way related to the Society having acted in good faith upon receipt
of your fax, email or telex instructions. You also fully indemnify the Society against all costs and expenses (including legal fees) arising in any way in connection
with your accounts, and in enforcing these items and conditions or in recovering any amounts due to the Society or incurred by the Society in any legal
proceedings of whatever nature.
13. Should you leave your present employer, you undertake to instruct any future employer to deduct loan repayments from your salary and remit such
repayments to the Society.
14. All amounts received by the Society will be first apportioned towards overdue interest, charges, and interest. Any balance left thereafter will be appropriated
lastly towards principal. The Society reserves the right to refuse acceptance of post-dated cheques or such other instruments towards payment or settlement
of the credit facility.
15. No forbearance, neglect, or waiver by the Society in the enforcement of any of these terms and conditions shall prejudice the Society's right thereafter to
strictly enforce the same.
16. No waiver by the Society shall be effective unless it is in writing. In the event of any dispute, you consent to the jurisdiction of the Magistrates Courts,
irrespective of the amount involved.

ACCEPTANCE
I, the undersigned, …………………………................................……. hereby accept the offer of a Micro Mortgage Loan, on the terms and conditions quoted herein and
authorize the Society to pay insurance premiums in relation to this facility.

Signed at ……………………………………………………………on ………………………………………… month of ……………..……………………….20…………………………….

FULL NAME(S) & SIGNATURES (S)

……………………………………………………………………………………………………………………………….DATE ………………………………

………………………………………………………………………………………………………………………………DATE ……………………………..

In the presence of the undersigned witnesses

FULL NAME(S) & SIGNATURES
……………………………………………………………………………………………………………………………..DATE ……………………………

……………………………………………………………………………………………………………………………..DATE ……………………………

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ZEI PENSION FUND –

The Scheme is for the following purposes:

• To purchase completed properties.

• To purchase vacant serviced stands.
• For building.
• For home improvement.
• Equity release/refinancing/pay off loan balance with the Fund.

ZWG CONDITIONS
Special Conditions: Traditional Requirements:
Mortgage

• All contributing members of the • Confirmation of Accumulated

Fund. Pension contributions to date
• No Deposit required (if purchasing • Letter from employer confirming
a stand or house). permanent employment and
• Interest rate 25% p.a. undertaking to channel the salary
• Valuation fee 1% (min equivalent or source deduction.
of USD200) of loan amount • Current payslip
(purchasing, building or property • Copy of ID
improvements). • Copy of title deeds (purchasing,
• Establishment fees 3% of the loan building or property
amount (once off). improvements)
• Application fees equivalent to • Agreement of sale (if purchasing a
USD200. stand or existing house)
• Tenure up to 3 years for • Fully completed Mortgage
Traditional Mortgage. Application Form
• Interested members should open a • Statement of assets and liabilities
Current Account as per the Bank’s • Copy of approved plan (if building
requirements for the purposes of and property improvements)
loan disbursements, repayments • Quotations for work to be done
and salary credits. (building and property
• Security registration of mortgage improvements)
bonds over properties with title • Disclosure of other borrowings.
deeds. • For loan take over –Loan balance
• Mortgage loan insurance which statements from the banks/fund.
covers death due to accident, • Marriage certificate/Affidavit from
natural causes and permanent spouse.
disability (Mortgage protection • Legal fees- from 5%
policy)
• Property insurance
• Cession of pension benefits.
• Payments to be made direct to
suppliers.
 Special Conditions: Micro Mortgage Requirements

• All contributing members of the • Confirmation of Accumulated

Fund. Pension contributions to date
• Interest rate 25% p.a. • Letter from employer confirming
• Establishment fees 3% permanent employment and
• Application fees- 5% and a undertaking to channel the salary
minimum of $100.00 or source deduction.
• Tenure up to 3 years • Current payslip
• Interested members should open a • Copy of ID
Current Account as per the Bank’s • Proof of ownership (e.g offer letter,
requirements for the purposes of Agreement of Sale, cession, or
loan disbursements, repayments letter from Sabhuku)
and salary credits. • 3 months bank statement (both
• Mortgage loan insurance which USD and ZWG).
covers death due to accident, • Disclosure of other borrowings
natural causes and permanent (loan statements).
disability (Mortgage protection • Agreement of sale (if purchasing a
policy- 2% once off) stand or existing house)
• Cession of pension benefits. • Fully completed Micro mortgage
• Payments to be made directly to Application Form
suppliers. • Copy of approved plan (if building
and property improvements)
• Quotations for work to be done
(building and property
improvements)
• For loan take over –Loan balance
statements from the banks/fund.
• Marriage certificate/Affidavit from
spouse (for joint ownership)

Loan Entitlement:

Maximum Entitlement= 10 times gross salary subject to repayments not

exceeding 40% of net income and years to retirement.

NB- This is on a case-by-case scenario and repayments is based on the currency

disbursed.

Application Flow Process:

• Applications are made to the nearest NBS branches or scan all the documents to
[email protected].
• The turnaround of applications up to approval assuming all the documentation
has been submitted is approximately up to 14 working days for a traditional
mortgage and 7 working days for a micro mortgage.
Contact Details

Mortgages Department

53 Samora Machel Avenue,

Cnr Samora Machel/ Julius Nyerere Way,
Harare, Zimbabwe.
+263 242 770471/2 | +263 777 209 286
[email protected]

Branch Networks

1.Harare

❖ Samora Branch
53 Samora Machel Avenue,
Cnr Samora Machel/ Julius Nyerere Way,
Harare
+263 242 770471/2 | +263 242 770480/1

❖ SSC Branch
Ground Floor Social Security Centre,
Cnr Sam Nujoma Street/ Julius Nyerere Way,
Harare
+263 700044/32

❖ Private Banking
34 Clairwood Rd, Alex Park, Borrowdale
Harare
+263772515891

2. Bulawayo
73A JMN Nkomo Street
Bulawayo
+263-2922-71221/3/4

3. Mutare
Shop 1 ZIMRE Centre,
109 Hebert Chitepo Street,
Mutare
+263 2020-61695

4. Gweru
1 Smart Complex
Cnr 5th Street, Smart Corner building
Gweru
+263 54 2220427/8
5. Masvingo
Ground Floor Trade Centre Building,
267 Simon Muzenda
Masvingo
+263 392 260910

6. Chinhoyi
65309 Magamba Way, Chinhoyi
+263 6721- 28404/6

8. Bindura
Shop Number 2 Bindura Commercial Centre,
1837 Artherstone Road

+263777209286 (Call/ WhatsApp) [email protected]

 Transactional Savings Savings Term

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