In many countries, buying a home is simple. You save a deposit. The bank gives you a mortgage. You pay it back over 20 or 30 years. In Zimbabwe, that path barely exists.
On 4 July 2026, Mike Juru, who chairs the REIT Association of Zimbabwe, put the problem plainly. The market, he said, still has no "25-year money".
“Property is a long-term investment, and we need the 25-year money. Imagine, right now, we don't have 25-year money. That's our cry.” — Mike Juru
So how do people buy homes here? Let's walk through it.
Why Mortgages Are So Rare
The problem is trust in the future. Banks lend long-term money only when they feel safe about it.
Zimbabwe's history makes that hard. We have seen currency changes and shifting rules. Prices and exchange rates can move fast. A bank asked to lend for 25 years cannot be confident what a dollar will be worth by the end of it.
The numbers show what that caution costs. Reserve Bank of Zimbabwe figures put mortgages at about 5.6% of the entire banking sector's loan book at the end of 2023. In a market where bank finance is normal, that share would be many times higher.
So banks stick to shorter loans. Some lenders quote interest by the month rather than the year, at rates that make no sense for a home purchase. Most buyers simply avoid loans altogether.
If You Do Try for a Mortgage, Here Is the Bar
A handful of institutions still write home loans. They generally want:
- Stable, verifiable income — a payslip, an employer letter, or audited accounts
- A deposit of roughly 20% to 30% of the property value
- A clean credit record
- A property with acceptable title documentation
Then comes affordability. National Building Society guidance says repayments should not exceed 40% of gross monthly income, and that ceiling is applied broadly across the market. With USD mortgage rates running from about 14% to 22% a year over 10 to 20 years, that limit rules out a large share of formally employed households before the conversation starts.
If your income is informal or undocumented, a bank mortgage is not available to you in this market. That is worth knowing early rather than after three months of paperwork.
The Main Ways People Buy Today
If the bank is not the answer, what is? Here are the routes buyers actually use.
1. Cash
Many buyers pay cash, usually from US dollar savings or a business. Cash gives you real negotiating power. Sellers prefer it because it removes the wait for bank approval and the risk of financing collapsing before transfer, and that certainty often shows up in the price.
Saving a full house price takes time and discipline. Most people who do it build the money gradually or combine sources rather than producing it all at once.
2. Developer Payment Plans
This is one of the most popular routes. Many developers now offer in-house instalment plans, typically over 12 to 24 months, paid straight to the developer with no bank involved.
The deposit is usually large and the term short compared with a mortgage. But it spreads the cost and gets you in sooner. Before signing, go through:
- The total purchase value, not just the monthly figure
- Deposit requirements
- Interest or administrative charges
- Penalties for missed payments
- Servicing commitments and infrastructure timelines
- What happens to your money if the development stalls
That last one is the question buyers ask least and regret most.
3. Diaspora Support
Zimbabweans abroad are a major force in property. According to the Reserve Bank of Zimbabwe's 2026 Monetary Policy Statement, remittances reached US$2.45 billion in 2025, up around 14% on the year and making up 15.1% of total foreign currency receipts. The United Kingdom narrowly overtook South Africa as the largest single source.
How much of that goes into property is not publicly broken down, so treat any precise claim about it with suspicion. What is clear from the market is that a large share of deposits and construction budgets are part-funded from abroad.
If you are receiving that help, be deliberate about it. Move funds through formal banking channels. Release money in verified stages tied to real progress. Document every agreement and make sure each payment can be traced. Family money that arrives informally has a way of becoming a family dispute later.
4. REITs
Not everyone can buy a whole house. A Real Estate Investment Trust lets you own a share of property instead. You invest a smaller amount and earn a share of the returns. It is a way into the market without the full upfront cash, and it is worth understanding even if you eventually buy outright.
Budget Beyond the Purchase Price
In a cash-heavy market, budgeting matters more, not less. Look past the asking price to the total cost of ownership:
- Transfer and legal fees
- Property inspections where relevant
- Utility connection costs
- Rates and taxes
- Renovation or finishing costs
- Moving expenses
Keep an emergency reserve. Putting every last dollar into the purchase leaves you exposed the first time something breaks.
Do Not Skip Due Diligence
Cash or instalments, the checks are the same. Always verify ownership documents, title status, local authority approvals, approved subdivision plans where relevant, and any outstanding rates attached to the property.
There is an extra step in 2026. Under Statutory Instrument 76 of 2025, paper title deeds are being validated and replaced with securitised digital deeds. Ask your conveyancer where the seller's deed sits in that process before you pay anything.
Work with registered estate agents and experienced conveyancers. It is the cheapest fraud insurance available.
What This Means for the Market
Because so few buyers borrow, the market carries very little mortgage debt, and forced sales from loan defaults are rare. That is a genuine source of stability.
But industry leaders argue the missing long-term finance also holds the market back. Without 25-year money, the sector cannot unlock investment at scale. For now, buyers rely on cash, family abroad, and short developer plans.
Your Practical Game Plan
- Save in a stable currency where you can
- Compare developer payment plans, and read every term
- If using diaspora funds, release money in verified stages
- Consider a REIT to start small
- Budget 5% to 9% on top of the price for transfer costs
- Always use a registered agent and a lawyer
Quick answers (FAQ)
Can I get a home loan in Zimbabwe?
Long-term 25-year mortgages are not available right now. A few institutions write shorter loans, but mortgages make up only about 5.6% of the banking sector's loan book. Most buyers use cash, developer payment plans or diaspora funds.
What deposit do I need for a mortgage in Zimbabwe?
Lenders generally want 20% to 30% of the property value, plus verifiable income. Repayments are usually capped at 40% of gross monthly income.
What is a developer payment plan?
An in-house instalment plan. You pay the developer directly, usually over 12 to 24 months, without a bank.
Are developer payment plans safe?
They can be, if you use a registered developer, read the contract, and check what happens if you miss a payment or the project stalls. Always involve a lawyer.
How much should I budget on top of the purchase price?
For a cash buyer, roughly 5% to 9% of the price covers stamp duty, conveyancing, IMTT and Deeds Registry charges.
This article is general information, not financial advice. Speak to a qualified adviser about your own circumstances.
Sources and References
- Reserve Bank of Zimbabwe — 2026 Monetary Policy Statement; banking sector statistics on mortgage lending. rbz.co.zw
- Mike Juru, Chairperson, REIT Association of Zimbabwe — remarks reported 4 July 2026
- National Building Society — home loan and mortgage guidelines. nbs.co.zw
- Statutory Instrument 76 of 2025, Deeds Registries Regulations, 2025
Until long-term mortgages return, most buyers rely on cash, developer plans, and diaspora funds. Explore homes, stands, and developments with flexible payment plans on Propertybook.
