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Details

The CashPlus Housing Account is a high interest earning savings account which allows clients to save funds towards purchase of houses or housing stands as well as construction. The client will save half or more towards the purchase price or cost of construction, with the Bank matching the customer's contribution in the form of a mortgage loan.

Terms & conditions

Eligibility Minimum 12 months regular deposits in the CashPlus Housing Savings Account.
Tenure 2 to 10 years
Interest 13% per annum
Loan Amount Up to the CashPlus Housing balance. However, the monthly loan repayment should not exceed the average monthly deposits made into the CashPlus Housing Account during the past 12 months.
Upfront costs Establishment fee - 3% of the loan amount (once off)
Non–refundable Application Fee $25 paid upon submission of the application.
Valuation Fee 1% of the loan amount (once off)
Customer Segment Individuals only

Minimum standard requirements

  1. Purchase of existing house or a residential stand

    • Copy of ID
    • 12 months’ CBZ Bank statements showing consistent /regular deposits and proof of constant income.
    • Copy of title deed upon application
    • Copy of approved plan
    • Agreement of sale
    • Loan amount up to the CashPlus Housing balance
    • Interest rate 13% per annum over a maximum period of 10 years.
    • Fully completed Mortgage Application Form

  2. Building/property improvements

    • Copy of ID
    • 12 months CBZ Bank statements showing consistent/regular deposits and proof of constant income.
    • Copy of title deed upon application
    • Copy of approved plan
    • Loan amount up to the CashPlus Housing balance
    • Interest rate 13% per annum over a maximum period of 10 years.
    • Quotations for work to be done/ Bill of quantity
    • Fully completed Mortgage Application Form.

  3. Upfront costs

    The borrower should have funds available to meet the following costs related to the loan application;

    • Transfer fees
    • Bond registration fees
    • Valuation fees
    • Application fees

  4. Security

    It is a requirement of all mortgage facilities that the following security be held;

    • Registration of a first mortgage bond over the urban immovable property that is being purchased or built.
    • All properties mortgaged by CBZ Bank, as security for the loans shall be insured through CBZ Insurance Company.
    • Clients will be required to take up a Mortgage Protection Policy from CBZ Life Limited.