A mortgage also known as a loan is used by individuals or businesses to purchase property for sale or previously owned by another person. This loan is secured on the borrower’s property and is paid back with interest. If you're going to be responsible for paying a mortgage for the next 30 years, you should know exactly what a mortgage is. Most commercial banks have facilities to provide a mortgage which has three basic parts: a down payment, monthly payments and fees. The fees are all the costs you have to pay up front to get the loan. Building societies also provide mortgages.
A mortgage is between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest. The mortgage loan agreement is used to buy a home or to borrow money against the value of a home you already own.
Mortgage refers to the process of offering something as a guarantee or collateral against a loan. One may come across the term when looking for secured loans. Generally, home loans of all types are secured loans. The borrower must offer their property as a security to the lender.
Zambia National Building Society is a provider of mortgage, banking and property management services. ZNBS is wholly owned by the Zambian Government and is the largest building society in Zambia. It was established by the Building Societies Act of 1968 which was amended on 24th December 1970.