As the demand for housing increases, in meeting the 1.5 million deficit, some Zambians are turning to financial institutions for loans to build houses. However, the biggest challenge of the market is the high interest rates that go as far as 25–30 percent, unlike other developing countries whose rates are below 15 and 10 percent. Commenting on the matter, economist Nalylor KopaKopa observed that acquiring a loan to build a house has fewer risks, but the return takes longer than 10 years. He also warned that the high interest rates are unfavorable for a common Zambian, and therefore interested borrowers...
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