WestProp plans mortgage bank to unlock 30-year home loans

Property developer WestProp Holdings Limited is set to establish a mortgage bank to support long-term housing finance and accelerate its property developments, including the multi-million-dollar Chivhu Eco-City. 

The move comes as the developer pushes a new housing finance model anchored on 30-year mortgages for the Chivhu project, in a first in the local market, as most local banks offer far shorter loan tenures that make home ownership difficult for many Zimbabweans. 

The proposed mortgage bank would mobilise long-term capital to finance home purchases, allowing buyers to spread payments over three decades while helping the developer scale up large housing projects, WestProp chief executive officer Ken Sharpe said.  

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