Frequently Asked Questions

• What procedure can I follow as I submit the land loan to CareCoop ?

  The standard procedure that is applicable for all types of loans will apply.

• Can I get financing for the additional fees

  Yes. CareCoop has taken this into account and the following are the loan amounts that should be made to cater for all the fees involved:

  1. 50x50 metres = K120, 000. Loan amount to apply will be K 127,329 Includes 5% property transfer tax +Credit life insurance + transfer fees.
  2. 100x50metres = K200, 000.00. K212, 177. Includes 5% property transfer tax + Credit life insurance + transfer fees.
• What will happen if I want to acquire the CareCoop land loan to finance the land priced at K600, 000?

  Note that CareCoop currently only gives loans up to K500,000. Therefore, if a member wants to acquire this type of land, they will have to pay the difference from other sources. Note also, that the K500, 000 will be made of a combination of loan products as the CareCoop Land Loan has a limit of K250,000

• Are there any hidden fees that a member should know?

  The following are applicable:

  • 1% credit life insurance as per any other loan product available to CareCoop members will apply
  • K55 funds transfer fees to Rephidim will apply
  • 5% property transfer tax is to be borne by individual member (if plot is K120, 000=K6,000; K200,000=K10,000 and K600,000=K30,000
• What is the procedure for the land acquisition?

  The following steps are applicable:

  1. Contact CareCoop assigned number and visit Rephidim
  2. to view site and select plot of choice
  3. Apply for a CareCoop land loan
  4. CareCoop will then pay Rephidim
  5. Rephidim will sign a contract of sale with Individual
  6. Member and Title assigned
  7. Title will be given to CareCoop as security
  8. Member is free to develop their land
  9. Begin loan repayment
  10. Once the loan is fully repaid, CareCoop will give title to Member
• Can I get more than one plot?

  Members are at liberty to acquire as much land as they can. There is no limitation.

• Can I get more than one plot?

  Members are at liberty to acquire as much land as they can. There is no limitation

• Is there need for collateral?

  The title deed for the land purchased will be used as the security or collateral for the loan. Therefore, members who borrow this type of loan will not be required to bring additional collateral

• What are the loan terms?

  The CareCoop land loan is priced at 1% For a tenure of up to 36 months (T&Cs apply depending on one’s debt service ratio etc)

• How can I get financing to buy the land?

  You can download the Loan application via CareCoop website (www.carecoop.org) and select CareCoop Land Loan

• Is the land on title?

  Land is on title and separate titles are available for each piece of land.

• How can I view the land?

  You can contact 0979-808195 to arrange for site viewing between Sunday- Friday 08:00 to 16:00 hours

• Location

  Located at Rephidim Estate in Lusaka West, Kasupe area off Kasupe Road, branching off Mungwi Road; Note: Rephidim Institute is also found on Google map

• How much and what size are the plots?
  • 50x50metres = K120, 000.00
  • 100x50metres = K200, 000.00
  • 200x100metres = K600,000.00
• Can I be disqualified from being a Shareholder, if yes then under what circumstances?

  A shareholder is disqualified from holding shares by;

  • The process or operation of law e.g. declared bankrupt or disappears without any trace for a period of seven years (he/she shall be presumed dead)
  • Is convicted of a felon and is jailed for a period of more than Six (6) months
  • Ceases to hold a minimum of 10 shares
  • Ceases to be a member of CareCoop
• Can I sell my shares immediately after purchase?
  • Lock in Period; after allotment of shares of CareCoop, a shareholder must retain the shares for a minimum period of twelve (12) months or till the time he/she ceases to be a member, whichever period is shorter. A shareholder shall not be allowed to sell the shares before the stated time limit.
• What are the minimum and maximum numbers of shares that can be held by an individual Shareholder?
  • The minimum number of shares that can be held by a shareholder is 10.
  • The maximum number of shares that can be held by a shareholder should not be more than 20% of the total shares of CareCoop.
• Can I use my CareCoop Shares to secure any debt?

  CareCoop shares shall and may not be used as security for any debt exposure of the Shareholder.

• What is CareCoop’s Share Price?

  CareCoop’s Share Value/Price is determined from time to time based on the Net Asset Value i. e the share value is determined by the assets held by CareCoop at the time of valuation.

• Where can I get a Share Transfer Form and what are the other requirements for the transfer?
  • The share transfer form can be downloaded from our website; www.carecoop.org Both parties, the buyer and the seller must fill out and sign the transfer form. Both parties must also attach copies of their NRCs and send their request through to CareCoop physically or email to info@carecoop.co.zm
  • Existing Share Certificates previously issued for the said shares should be sent through to CareCoop before new ones may be issued after the transfer.
• How can I Dispose of my Shares?
  • Normal Disposal: A shareholder has the right to sell his/her shares to a person of his/her choice provided the potential buyer is a CareCoop Member who qualifies to hold CareCoop shares. The sale should be at a mutually agreed and fair price between the two members.
  • Donation: A shareholder has the right to donate (give as a gift) his/her shares to a spouse or any other person of his/her choice if that recipient is a CareCoop member and qualifies to hold shares in CareCoop.
  • Death of a Member: Where a shareholder dies, his/her shares will be disposed of in accordance with his/her WILL, provided the beneficiary/beneficiaries qualify for membership; if the beneficiary/beneficiaries do not qualify to be members, CareCoop will buy back the shares at the ruling share price. Where a shareholder dies without leaving a WILL or valid instructions on how his/her estate should be administered, the shares will be dealt with inaccordance with a Court Order and the deceased’s Administrator/Next of keen will be paid the full value of the shares by CareCoop.
• What are the benefits of a Shareholder?
  • Voting Rights: Shareholders are entitled to vote at the CareCoop Annual General Meeting.
  • Board of Directors: Shareholders are also entitled to vie for the position of Director to serve on the CareCoop Board.
  • Dividends: Shareholders are also entitled to dividends once declared on a yearly basis depending on the financial performance of CareCoop.
• How can share purchases be financed?
  • Loan Application: CareCoop has a Loan Product that enables members finance their share purchases; The Share Financing Loan.
  • Cash Purchase: This means that a member can transfer funds into the CareCoop ABSA account for the amount of shares desired.
  • Savings Purchase: Shares can also be purchased by one’s Savings, provided the purchase price is equivalent to an amount above and beyond the member’s 20% Savings threshold for any outstanding loans.
• When can I purchase shares?
  • CareCoop Float: Shares can be purchased during specific floats advertised by CareCoop (CareCoop periodically calls for the purchase of shares). Member Share Transfer: Shares can also be purchased at any time by a qualifying member from another member willing to dispose (sell) of their shares.
• What is the difference between Shares and Savings?
  • Savings: are the accumulated monthly contributions that a member makes to CareCoop and qualifies their membership, while;
  • Shares: are acquired by members who intend on owning any portion of CareCoop determined by the number of shares purchased.