“It is true that we are offering short-term mortgage loans but these are only for our account holders and there are certain conditions that we require for one to qualify for the loan. “One of the conditions is that, the loan will only be advanced against the security of immovable property (such as a house), though a bond shall not be registered except in cases of a defaulter,” he said.
He also said that advances would only be availed for refinancing and home improvements on condition that one demonstrates capacity to repay the loan within the prescribed period. The bank would also charge monthly interest rates.
“We charge 10 percent per annum for 30 days, 12 percent per annum for 60 days and 14 percent per annum for 90 days,” he added.
The minimum loan amount is US$500 and the maximum, US$25 000.
CBZ is also offering personal loans to account holders who receive their salaries through the bank. One gets a loan half their salary plus a 10 percent monthly interest charge.
For example, if one gets a monthly net salary of US$300, they receive a loan of US$150 repayable over an agreed period time with 10 percent interest of US$15 per month.
Ironically, the bank offers less than 1 percent interest to account holders who regularly deposit money into their accounts.
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