Continuation from last Monday…
Then what happens when your loan is approved?
You will be required to open up a mortgage savings account (minimum K700, 000) or a mortgage fixed account (minimum K1000)
It is interesting to note that mortgages are not the only products offered by the ZNBS but the following are the other additional loan products:
The Building Material Loan
The Friendly Loan
Salary Advance | or Personal Loan
What is a Building Material Loan?
A Building Material loan is a facility that enables you as a builder to purchase building materials such as cement, blocks, roofing materials and fittings. You are also required to furnish the ZNBS with quotations from the supplies.
The ZNBS apart from giving you a Building Material loan the institution would also under the same facility be able to provide finance to you to pay for ZESCO and water connections , purchase of electricity Generation Set , borehole sinking and the installations and land purchase.
What is the nature and benefits of the loan?
It has a flexible repayment period covering 18 – 48 months,
Interest is very competitive.
The application procedure is simple.
No security is required as the loan is salary or Stop Order backed.
You get up to K100, 000 maximum.
What is a friendly loan?
A friendly loan as the name implies assists you to remove the stress when faced with an urgent financial needs such as paying school fees, payment of medical bills, or purchase of a vehicle or farm equipment.
What are its key features and benefits?
Repayment period is flexible, covering a period of 6 – 48 months.
You pay low interest.
Loans up to K 50,000 can be granted.
The application procedure is simple.
It is salary or stop order backed loan.
No security is required.
What is a salary advance or loan?
A salary advance is a loan granted based on your salary to meet contingencies and the amount is usually small.
What are their features and benefits?
The loan is flexible and repayment can be up to 1 – 3 months.
Interest rate is competitive.
Loan up to K 6000 can be granted,
The application procedure is simple and swift,
Again no security is required as it is salary backed.
How do you qualify for the loan?
Prove that you are employed.
You should maintain a salary or stop order account with the Building Society.
You should produce a copy of your National Registration Card or a passport or any other valid identity document.
Proof where you live by providing the Society with a current electricity or water bill, tenancy a agreement or a letter from your employer.
Meanwhile, the ZNBS apart from providing mortgage \ loan facilities the institution also offers products such as savings accounts and fixed deposits.
There are different types of savings accounts:
Stop order accounts.
Baby wallet accounts.
Stop order plus accounts.
Mortgage savings accounts.
Friendly Centre accounts.
In the savings category the Building Society has introduced a prestigious or premier account called the Friendly Centre Account which is only available at friendly centers on the Copperbelt and Lusaka. The Premier account gives an opportunity to those wishing to save more out of their savings. The Friendly Centre Account which is a prestigious account has several benefits:
The savings account holder is entitled to an Orange Card a ZNBS Automated Teller Machine plastic card the (ZNBS ATM Card),.
The account holder is entitled to free account statements twice a year.
It is an interest earning account and it gives the account holder access to loan facilities.
The customer is given access to electronic banking services which includes the SMS Banking.
Fixed Deposit Accounts.
A fixed Deposit Account as the name implies allows a ZNBS client to entrust the institution with her or his funds for a fixed period of time at a fixed rate of interest for a fixed amount. Simply put, it is an agreement entered into with the institution.
The fixed deposit account is a long term savings covering a period of 12 – 24 months and attracts a high interest rate agreed upon with the ZNBS.
There are two types of these accounts:
The Fixed Deposit Life Assurance.
The Mortgage Fixed Account.
And they have the following benefits:
NO – NO monthly service charges levied on the account.
Interest is paid monthly.
You can re-invest the funds at the end of the tenure if you wish.
You have the right to negotiate a better rate of interest.
This account allows you through the ZNBS to enter into a Memorandum of Understanding with other organizations such as the LAFARGE cement company.
Besides, ZNBS boasts of a 43 year expertise in the mortgage business. The organization has scored successes in developing its own software, it has also introduced the Orange Card (The ZNBS ATM) and has further more opened a new Agency at the Soweto Market.
The Building Society also boasts of a growing product mix comprising of:
Stop order Plus account.
ZNBS Funds Transfer System.
Ordinary Mortgage Shares account.
Mortgage Fixed Deposit Account..
The ZNBS Orange Card. Is it EMV compliant?
Now many of us have probably seen what the ZNBS ATM card looks like and have probably used it. Yes, ZNBS is fitting very well in the dynamic society that seems to be driven by technological advancement or simply put; it is alive in the digital space.
The “Orange card” as is fondly referred to will soon be migrating to the Europay, Master card and Visa (EMV) for the same reasons as you have heard others chant.
EMV provides security and safety for your money. Additionally, customers will soon be seeing ZNBS branded ATMs dotted in selected strategic locations for their convenience.
It is very exciting to see how the institution that has for a long time been seen as an old folk’s bank evolves to provide stiff competition in the financial sector.
However, ZNBS has recently embarked on yet another innovative project to provide shelter to the rural areas in the name of the:
Nyimba Housing Project
The Society is now looking back and giving back Zambians what initially defined its mandate as a building society. ZNBS has sought to partner with the local authorities across the country to construct housing units targeting the low to middle income earners.
The pilot being Nyimba District where the financial institution plans to build about 300 housing units in a three-phased approach, it has since signed a Memorandum of Agreement with the district council that has seen the allocation of about 37.5 hectors of land to ZNBS for the project.
All districts have been invited to partner with the Society but only those willing stand to benefit from this initiative.
This housing project will be done under a Public Private Partnership (PPP) model and will have local citizens as buyers who in turn will be ZNBS mortgage customers.
However, the institution is also involved in providing social needs to society and participating in the United Nations recognized annual activities:
ZNBS and its Social Responsibility.
ZNBS is not only interested in making profits out of its business but is also aware of the needs of society which the institution provides, in fulfilling its social responsibility. Last year the ZNBS donated 10 computers to Kabwata Primary School in Lusaka and 5 to Namuseba Primary School in Monze.
World Savings Day.
And the ZNBS in a quest to promote a good savings culture among communities the institution participates in the World Savings Day celebrations to show its commitment to its savers who provide it with the much needed deposits on which financial institutions depend as their working capital as it is said that deposits are a life blood of financial institutions.
In celebrating the 2015 World Savings Day, Zaninge Theatre Group joined ZNBS in the celebrations by putting up a splendid performance at the Soweto Market Road Show organized by the Building society.
The Baby Wallet.
Last year, the Building Society conducted the Baby Wallet Savings promotion aimed at securing the future of the adult of tomorrow and had offered a three bedroomed house as the grand prize. Pascal Mwanza won the house free of a mortgage showing the ZNBS’s commitment to provide shelter to Zambians. The prize was presented to him and his wife by the Secretary to the Treasury Fredson Yamba.
But when it comes to the mortgage business it is wise to leave the rest and stick on the ZNBS as their expertise in this industry can be compared to none.
When you think shelter, think ZNBS. A one stop shop for all the Mortgage and banking solutions.