When we first talked about Steward Bank offering mortgage loans to Zimbabweans in the diaspora the overall sentiment was that this was welcome and that their terms were relatively great. However, some felt that the 9% per year interest rate was too much. Well, it looks like Steward Bank was listening.
Interest rate goes down
We in Zimbabwe thought that 9% was a super sweet deal perhaps because we have lived under high inflation and even hyper inflation for a long time, a very long time. Perhaps 9% sounded so great because it’s the lowest interest rate we have seen in Zimbabwe. Now Steward Bank Diaspora Banking has slashed interest rates for diasporans buying or building in Zimbabwe. The new rate: 2%. Yes, 2!