TN CyberTech Bank, in partnership with Lucile Real Estate, has unveiled a new home ownership initiative described by bank owner Tawanda Nyambirai as “the greatest empowerment deal Zimbabwe has ever seen.”
The scheme, which targets Zimbabweans in the diaspora, local professionals, and the informal sector, introduces a flexible co-ownership model designed to transform property acquisition.
Announced as a “once-in-a-lifetime opportunity,” the deal offers over 100 houses in Ruwa, each with title deeds and a cash price of US$75,000.
Unlike traditional home purchases, prospective homeowners are not required to buy the entire property outright. Instead, they can acquire a percentage of the house—ranging from 40% to 100%—through a co-ownership agreement with the bank.
The terms of the scheme are structured for accessibility. Buyers must provide a 10% deposit of the total cash price, after which an annual interest rate of 18% is applied.
A key feature of the deal allows clients to take immediate occupancy once the deposit is paid. For those in the diaspora, this means they can begin renting out the property right away.
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In a co-ownership arrangement, the homeowner pays rent to the bank only for the portion of the property they do not yet own.
For example, a person purchasing 50% of a house with a rent of US$500 would pay US$250 to the bank, while the remaining US$250 could be directed toward reducing their monthly installment.
Once the chosen percentage of the property has been fully paid, clients will receive title deeds reflecting their undivided share of ownership.
As co-owners, they will have the right to sell their share, rent it out, or use it as collateral for a loan.
The agreement also accounts for a potential transition to a new currency.
Buyers will have the option to buy out the bank’s share under agreed-upon terms, a safeguard designed to prevent disputes over exchange rates.
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