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Stanbic Bank Uganda to offer attractive Mortgages
Friday July 15, 2011
Stanbic Bank Uganda has partnered with real estate agencies to enable more Ugandans build houses as the housing deficit soars with the population growth.
The housing deficit is growing at 3% each year. This is estimated to hit eight million units in 20 years as Uganda’s population nears 35 million.
“The rise in housing demand is due to the growing population.
“People would like to own good houses, but those on the market are expensive.
“We will fund clients who hold land titles by up to 90% of their construction costs at our prime lending rate, which will be spread over 20 years,” said Damalie Kairumba, the Stanbic Bank home loans manager, at the product’s unveiling in Kampala.
She noted that the product would include a mortgage protection policy that covers the life of the borrower for death and permanent disability.
Thomas Senfuma, a quantity surveyor, said the partnership would ensure that individuals are not fleeced by unscrupulous contractors.
By Samuel Sanya: The New Vision Newspaper
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