Mortgage Lending - the Zimbabwean Way
If you are thinking of buying a house just forget about getting a mortgage, its just not worth it. Many people ask me how to get a mortgage but to put it bluntly there is just no way. After all most sellers are not prepared to lend to people who have to obtain mortgages for the simple fact it will take at least 2 months before they receive their cash and by then the property will be worth more that double. It is just a cash market.
Going back to mortgages interest rates are hoovering around 250%.If you are on an income of $500m you can only get a mortgage for $600 because your monthly repayment should not exceed 25% of your salary. The maths do not just add up at all.
This report hightlights some of the problems facing mortgage lenders in Zimbabwe
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