Commercial Loan Product
CBZ Home Loans Division is offering a commercial and industrial loan facility for the purposes of:-
1. Building Finance
2. Purchase
3. Property improvements
Security
• The loan shall be advanced against the security of immovable property and a bond shall be registered.
Loan Conditions
1. Application fee of $200.00
2. Variable interest rate – 18.5% per annum.
3. Establishment fees – 3-5% payable upfront.
4. Mandatory Property insurance Plan
5. Registration of a mortgage bond
6. Applicant should have a corporate account with the Bank which is in full operation for at least 3 months.
7. Monthly repayments shall include the Principal, Interest & insurance.
8. Tenure 5 years maximum
Requirements
Documentary Requirements
1. Fully completed Mortgage loan application form .
2. Bill of quantities and quotations from contractors (if building)
3. Agreement of sale ( if purchasing)
4. Copy of title deeds and (approved plans for the proposed Security.)
5. Certified copy of Certificate of Incorporation and any change of name certificates
6. Certified copy of CR6 if there is any change of Director’s names.
7. Certified copy of Articles & Memorandum of Association.
8. An extract certified by the Chairman and the Company Secretary of a Board Resolution authorizing the borrowing of funds, and the signatories.
9. Certified copy of the latest Form of Annual Return
10. Certified copy of the latest CR 14 form
11. Current tax clearance
12. Trading Licenses (if any)
13. Copy of National I.D of the Directors.
14. Current banking arrangements with other banks (Bank, Account number, Branch/Relationship Manager, borrowings and how secured etc).
15. Application letter covering the current exposures with CBZ or with any other financial institution by :-
• Company (applying the loan)
• All related companies
• Directors
• Shareholders
16. Any other information that might be useful to CBZ considering your application.
Financial Requirements
1. Audited financial statements for last two complete years and management accounts for the current period (last audit to date).The financial statements must have been prepared by accountants registered by the Public Accountants & Auditors Board (copy of practicing certificate must be attached).All the statements should be signed by the Directors.
2. In a case where a property-holding company owns the property, financial statements should be submitted for the group or for the company from which funds will be availed to meet mortgage repayments.
3. Bank statements for past six months.
4. Actual cash flows for the current period and a cash flow forecast for next twelve months, the monthly repayments must be factored into the projections, including full details of assumptions made in their preparation.
5. Commentary on the latest year -end and year to date management financial statements including comparison of actual performance with budgets and forecasts.
6. Debtors and creditors age analysis
Business Profile
Brief Business report detailing:-
1. Date business was established & Nature of main business, Business location & Details of products offered
2. List of top ten customers & List of suppliers.
3. Commentary on past and present performance – challenges and triumphs
4. Future plans and prospects
5. The names of shareholders and shareholding structure.
6. An organ gram of the management structure of the organization
7. List of names and residential addresses of the Directors and a brief profile of each. Where a director (s) are required to stand as surety, statements of assets and liabilities may be requested
8. The background, skills and experience of senior management and directors (their age and also qualifications).
9. Schedule of Assets
10. A brief report on how the company will mitigate the following risks and any other risks involved in that particular industry:-
• Financial risks
• Management risks
• Business risks
• Structural risks
• Security risks
N.B. Application processing will only commence on full receipt of all requirements.
Private Mortgage Finance
CBZ Private Mortgage Finance Division offers facilities to Private individuals for the purposes of:-
1. Building Finance
2. Purchase
3. Property improvements
Purchase Requirements
• Proof of permanent employment/acceptable constant income
• Copy of ID
• 3 months’ CBZ Bank account showing income
• Copy of title deed upon application
• Agreement of sale
• $25 application fee
• Once off establishment fee (3-5% of loan amount)
• Loan up to 60% of purchase price based on one’s income
• Interest rate 18.5% per annum over a maximum period of 10 years.
• Fully completed Mortgage Application Form
• Valuation fee – 1% of loan amt
• Mandatory Property Insurance & Mortgage protection Policies
Building Finance Requirements
• Proof of permanent employment/acceptable constant income
• Copy of ID
• 3 months’ CBZ Bank Account showing income
• Copy of title deed upon application
• Copy of approved plan
• $25 application fee
• Once off establishment fee (3-5% of loan amount)
• Interest rate 18.5% per annum over a maximum period of 10 years.
• Quotations for work to be done and the Bill of quantities
• Fully completed Mortgage Application Form
• Valuation fee – 1% of loan amt
• Mandatory Property Insurance & Mortgage protection Policies
Purchase of Residential Stand
• Proof of permanent employment/acceptable constant income
• Copy of ID
• 3 months’ CBZ Bank Account showing income/salary
• Copy of title deed upon application
• Agreement of sale
• $25 application fee
• Once off establishment fee (3-5% of loan amount)
• Loan up to 60% of purchase price based on one’s income
• Interest rate 18.5% per annum over a maximum period of 10 years.
• Fully completed Mortgage Application Form
• Valuation fee – 1% of loan amt
• Mandatory Property Insurance & Mortgage protection Policies
Prerequisite: Salary should be coming through CBZ Bank Account for at least three months prior to submission of an application.
Property Sales
CBZ Bank in its thrust to deliver houses/stands has embarked on a number of projects that are as follows:-
• Nehosho low cost housing scheme (Gweru)
• Mtausi Park (Gweru)
• Chikanga (Mutare)
• Mbizo 21 (Kwekwe)
Nehosho Housing Scheme
The project is located about 13km from Gweru city centre and 3km from Midlands State University with stand sizes ranging from 126m2 to 483m2.
Nehosho housing project offers three types of houses being;
• 2 roomed unit
• 3 roomed unit
• 4 roomed unit
Purchasing terms is either on cash basis or on mortgage where a loan is given for a maximum period of 25 years after having paid deposit of 25% and15% VAT. One can build up the deposit and VAT over a period of time as is with the Bank’s CashPlus Housing savings product.
The Nehosho housing project is open to all Zimbabwean citizens regardless of their location as long as they register with the Gweru City Council Housing Waiting list.
Mtausi Park Low Density Residential Stands (GWERU)
These are low density residential stands whose sizes range between 1800m² to 3600m². These stands are located 7km from Gweru’s Central Business District along Gweru – Shurugwi Road.
Payment details
The stands are being sold at the following prices:- $10/m2 for cash price exclusive of 15% VAT. A prospective client can pay the cash price up to a maximum of 12 months.
$12/m2 as a Mortgage Loan product exclusive of VAT. One has to put down a deposit of 15% and the balance of 85% will be given as a loan for a maximum period of 25 years.
Chikanga High Density Residential Stands (MUTARE)
The stands are located 7km from Mutare Central Business District and they vary in size ranging from 188m2 to 555m2. Payment details The stands are being sold at the following prices:- $36/m2 for cash price exclusive of 15% VAT. $36/m2 as a Mortgage Loan product exclusive of VAT. One has to put down a 15% vat payment and the loan of 100% will be given for a maximum period of 5 years. Prospective buyers should ensure they are registered on the City of Mutare housing waiting list.
Requirements (INDIVIDUALS)
• Proof of income
• 6 months bank statements
• Proof of deposit
• Application fees $25.00
• Opening of a CBZ account if not account holder/salary account
• Confirmation letter of employment and that salary would come through CBZ Bank.
• Proof of residence
• Copy of ID.
Requirements (CORPORATES)
• Proof of registration (certificate of incorporation, memorandum and articles of association, CR 14)
• Proof of income-Audited financial statements, actual and projected cash flows, management accounts, schedule of other bank facilities, debtors’ age analysis, tax clearance.
• Company profile
• Resolution to borrow
• Application fees
Security
It is a condition of this facility that the following security be held:- – Registration of a first mortgage bond over the Nehosho property that is being purchased. – All properties mortgaged by CBZ Bank as security for the loans shall be insured through CBZ Insurance and CBZ Life Assurance companies.
Additional Requirements for Diaspora Clients
• Work permit or residence permit
• Power of attorney
• Three months payslips
Contact Details
CBZ Place, No. 7 Selous Avenue, Harare, Zimbabwe
Tel: (04) 705001-9, Fax: (04) 759387, 755136
E-mail: info@cbz.co.zw, Website: www.cbz.co.zw
Or contact our sales team: Tapiwa Munemo 0772 428 412 Kudakwashe Mandaza 0773 288 685 James Gutu 0772 998 839
