Harare — PROSPECTIVE home owners can now secure finance for construction of medium-density houses in two suburbs of Harare.

FBC Building Society is currently involved in the construction of medium-density properties in Mainway Meadows and Glaudina.

Mainway Meadows is situated approximately nine kilometers from the City Centre in the suburb of Prospect, in Waterfalls.

FBC Building Society is constructing three-bedroomed brick under tile houses on an off-plan basis.

The houses are built on stands which average 450 square metres in size. Basically, there are two designs to choose from and these have features such as a single lock-up garage and main bedrooms which come en suite.

Interior finishes such as painting and internal fittings are left for the investors' tastes and preferences.

The prices for the Mainway Meadows units range from US $60 000 to US$65 000 a house.

Prospective home owners have an option to pay the full purchase price in cash. They can opt to pay a deposit equivalent to 30% of the purchase price and then apply for a mortgage bond on the balance.

The mortgage tenure varies from one year to 10 years at an average interest rate of 10% per annum.

Glaudina suburb on the other hand is situated on the 17.5 km peg along the Harare-Bulawayo road, where FBC Building Society is constructing three-bed roomed brick under tile houses, built on stands which average 600 square metres in size.

Essentially there are three basic designs to choose from with features such as a single lock-up garage, separate dining room and lounge. The interior finishes such as painting and internal fittings again are left for the investors' preferences and tastes.

The price guide is around US$ 55 000 a house and clients have the option to pay the full purchase price in cash. They can opt to pay a deposit equivalent to 30% of the purchase price and then apply for a mortgage facility on the remaining balance payable over a period also ranging from one to 10 years at an average interest rate of 10% per annum.

FBC Building Society says that both projects have generated "overwhelming interest" from the local market and Zimbabweans in the Diaspora.

"However, the number of sales generated has generally been skewed towards the local market and the lower sales from the Diaspora market can probably be attributed to the effects of the global crunch."

Several employers, the building society said, have also approached it with a view to assisting their employees in acquiring these houses.

"Most of these employers have realised the tangible benefits of empowering their employees to acquire housing properties of their own," the society said.