Notes: LCMS T.8.8a

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Notes: % unknown, however these tend to be referrals, rather than third party applications from brokerage firms. Referrals are from estate agents and real estate developers

Notes: (2006) Living Conditions Monitoring Survey, (T. 14.2b) Includes free housing, other and missing data.

Notes: (2010) Living Conditions Monitoring Survey, (T. 14.2a) Includes free housing, other and missing data.

Notes: 10% Withholding Tax paid by the tenant to ZRA

Notes: 100% as required by law - Central Bank

Notes: 12.5%

Notes: 18.5%

Notes: 2006 Living Conditions Monitoring Survey (T. 14.2b)

Notes: 2006 Living Conditions Monitoring Survey. (T. 14.2b)

Notes: 2010 CLMS (T.14.1a)

Notes: 2010 CLMS (T.14.2a)

Notes: 2010 Living Conditions Monitoring Survey. (T. 14.2a)

Notes: 2010 Living Conditions Monitoring Survey. (T. 14.2a)

Notes: 3 types of property rights: State land leased for 99 years; Land rented by local chief/headman;land owned by counclils

Notes: 5 Commercial banks, BBZ, FNB, SCB, Stanbic, IZB, (excluding others which offer only internal loans to employees); 3 building societies, (ZNBS, FBS, PABS); 2 micro-fins / credit institution, (Ent FC, Madison); Total 10

Notes: 5 Commercial banks, BBZ, FNB, SCB, Stanbic, IZB, (excluding others which offer only internal loans to employees); 3 building societies, (ZNBS, FBS, PABS); 2 micro-fins / credit institution, (Ent FC, Madison); Total 10

Notes: 5% Property Transfer Tax paid by the seller to ZRA

Notes: 5-10% of loan amount

Notes: 9 commercial banks, 3 building societies, 2 other institutions specializing in housing finance or asset management

Notes: 9.75%

Notes: Against the lending practices established at Basel III

Notes: All lenders will use some form of credit scoring; either their own, the credit reference bureau, or both

Notes: An aggregate of population and household size based on growth rates

Notes: An aggregate of population and household size based on growth rates

Notes: Average loan size of $36,000 and 1% registration fee.

Notes: Average loan size of $36,000 and 2% legal fee.

Notes: Average loan size of $36,000 and ave. 3.0% valuation fee.

Notes: Bank of Zambia lending guidelines

Notes: Bank of Zambia Lending guidelines

Notes: Bank of Zambia lending guidelines

Notes: Based on a comparison between 2006 and 2008 LCMS data, based on actual incomes at the time.

Notes: Based on a comparison btwn 2006 and 2008 LCMS data, based on the equivalent USD exchange at the time.

Notes: BoZ only collate figures across total loans portfolio, (i.e. not mortgage specific)

Notes: Brokers

Notes: Brokers

Notes: But general ony, in terms of fulfilling the requirements of an enforceable contract

Notes: Cannot exceed 30% of income

Notes: Central Bank requirements

Notes: Commercial banks serve about 32-35% of the mortgage market

Notes: Costs of formal searches; usually included within legal fees

Notes: Customary tenure and leasehold tenure

Notes: Deposit rates around 3% (ave.), mortgage rates start from 14%, so 11%+ 16% is based on average lending rate of 19%

Notes: Domestic Credit data from Depository Corporations Survey - Statistic Fortnightly

Notes: Domestic Credit data from Depository Corporations Survey - Statistic Fortnightly

Notes: Editor estimate

Notes: Editor's Comment: Not aware of MDI being available, but I understand that an MI product has been introduced in 2013 There are also credit life insurance policies.

Notes: EFC, MAdison

Notes: Estimate, based on an average urban construction cost for self-build 85 sq.m

Notes: Estimate, based on the majority of housing stock being informal, self-build

Notes: Estimate, high for commercial, but low, for home loans from informal discussions. Would be based on USD

Notes: Estimate, low from informal discussions

Notes: Estimate, low from informal discussions

Notes: Estimate, low from informal discussions

Notes: Estimate, low from informal discussions

Notes: Estimate, low overall from informal discussions, but high in terms of proportion of foreign loans

Notes: Estimate. Includes informal / self-build - project management

Notes: Estimate. Includes informal / self-build - project management

Notes: Estimate. Includes informal / self-build - project management

Notes: Estimate. Average across housing sectors

Notes: Estimate. Average across sectors

Notes: Estimate: 4 times formal completions

Notes: Estimate: high from informal discussions

Notes: Estimate: low from informal discussions

Notes: Estimate: low from informal discussions

Notes: Estimate: Private developments, (MKP, NAPSA, Henan Gouji, Urban Shelter, NHA) c.1,000; Public sector, (services and civil servants), c.2,000; individual completions, c.2,000

Notes: Estimated: low from informal discussions

Notes: Evaluation based on total offering securitised lending. There are a wider variety engaged in non-securitised housing finance

Notes: Evaluation based on total offering securitised lending. There are a wider variety engaged in non-securitised housing finance

Notes: Evaluation based on total offering securitised lending. There are a wider variety engaged in non-securitised housing finance

Notes: Evaluation based on total offering securitised lending. There are a wider variety engaged in non-securitised housing finance

Notes: Evaluation based on total offering securitised lending. There are a wider variety engaged in non-securitised housing finance

Notes: FinMark (2013) Housing Finance Sector Review - informal discussions

Notes: FinMark (2013) Housing Finance Sector Review - informal discussions

Notes: FinMark (2013) Zambia Housing Finance Scoping Study - national

Notes: FinMark (2013) Zambia Housing Finance Sector Study, Fig. 2 - National

Notes: FNB, ZNBS, PABS, FBS

Notes: Foreign mortgage refinance facilities

Notes: Generally less than 10%

Notes: Generally less than 10%

Notes: Government recapitalized ZNBS

Notes: Habitat for Humanity

Notes: Home improvement loans and variations of the same such as home extension or home renovation loans, are primarily assessed based on the applicants capacity to repay and less-so on the intended purpose or actual value of the intended use. Loans in this category typically range from ZMW 3,000 to ZMW 150,000, ($600 to $30,000) and with terms of up to 36 months. They are essentially large consumer loans.

Notes: In so far as there are public sector institutions engaged in mortgage lending, (DBZ, ZNBS), and are offering competitive lending rates below market rates offered by private lenders (12% - ZNBS), and also a dedicated fund aimed towards lower income; Zambia Low Cost Housing Fund (ZLCHF)

Notes: In so far as there are public sector institutions engaged in mortgage lending, (DBZ, ZNBS), and have access to state funds and borrowing rates.

Notes: Informal survey based on PTT returns at Lusaka office. They receive 10-12 returns / per working day, around 3,000 pa. Tax returns are also filed at Ndola and Livingstone, (say +50%). Of the total returns received, 50% are below $30,000, suggesting more likely to be land transactions.

Notes: Informal survey of property transfer tax returns. Will include commercial and land

Notes: Interest rate cap is at 18.5% and set at 9% over policy rate for commercial banks

Notes: Key informant interviews, loan amounts in excess of $100,000

Notes: LCMS T.10.1

Notes: LCMS T.10.1

Notes: LCMS T.8.8a

Notes: Less than 1%. Farmers House have been backing Residential mortgage Securities to support its Lilayi Housing Project.

Notes: Living Conditions Monitoring Survey. Number of people residing in houses with Thatch /Palm leaf roofings

Notes: Loans / housing loans commonly require 3rd pty guarantees, and security against terminal (pension) benefits

Notes: Local Council Property Rates

Notes: Madison Asset Management Company invests in real estate developments and offers mortgages to investors

Notes: Median percentage of fees

Notes: Median percentage of fees

Notes: Minimum

Notes: More than 5%

Notes: Most MFIs are financial institutions which rely on their own funding sources, rather than borrowing at local rates of interest. Assuming a 9-10% borrowing cost, and rates of 35% per annum, results in a 25% lendign spread

Notes: Most MFIs are non-bank payroll based consumer lenders (90% of total MFI assets)

Notes: Mostly relate to BoZ guidance on lending practice

Notes: NatSave is a wholly Government owned savings institution that serves about 1% of the mortgage lending market

Notes: No regulatory constraints to using CRB other than data protection, but there are issues over the accuracy / quality of scoring

Notes: Not a specific lender, but RFIs appar to have standardised their terms againsteach other

Notes: Of the 17 commercial banks, 9 provide mortgages: Barclays, Cavmont, Citibank, Ecobank, First Alliance, First National, Indo Zambia, Stanbic Bank, Standard Chartered Bank

Notes: Offered but the practice is not common

Notes: One of the three building societies, Zambia National Building Society, is state-owned and provides mortgage lending alone with other banking services to residents.

Notes: Over 90%

Notes: Over 90% relates to ZNBS, the largest mortgage lender. If we include the non-traditional mortgage lenders this figure will decrease significantly

Notes: Pan African Building Society and Zambia National Building Society take deposits

Notes: Property Transfer Tax, (5%); VAT (16%) on new build developments

Notes: Securities and Exchange Commission

Notes: SI (Dec. 2012) under BoZ Act

Notes: Six MFIs are deposit-taking financial institutions

Notes: Subject to 3.3% growth rate based on 2010 Census

Notes: Subject to 3.3% growth rate based on 2010 Census

Notes: The Conveyancing Act 1881, The Law of Property Act 1911, (these are UK acts), and The Lands and Deeds Act, (Zambian)

Notes: The Conveyancing Act 1881, The Law of Property Act 1911, (these are UK acts), and The Lands and Deeds Act, (Zambian)

Notes: There common law rights which will allow courts to determine whether any contractual terms can be considered unfair. These can be addressed through the civil courts

Notes: There is very limited information available about MFIs, however it has been suggested that non-performing loans range between 10%-20% of portfolio, and is one of the factors holding back expansion.

Notes: These are policy guidelines published by BoZ, rather than a legal maximum

Notes: Types of tenure

Notes: Usually private guarantees from family members, or securities against capital of applicant's business

Notes: Variable but often not less than 90 days

Notes: Withholding Tax (WHT) on rental receipts (15%)

Notes: Zambia Low Cost Housing Loan Fund (ZLCHLF) Govt funded

Notes: Zambian Home Loans and Finance Building Society

Notes: ZHPPF - Saliswana Urban Poor Fund, Mitengo / ABESU

Notes: ZHPPF - Saliswana Urban Poor Fund, Mitengo / ABESU

Notes: ZNBS