Browsing: NCBA Mortgage Facility

HOUSING

How interest rates are shaping Tanzania’s housing agenda

Banking
  • With Tanzania's urbanization on the rise, the need for affordable housing finance is increasing.
  • High-interest rates and lack of affordable housing remain the prime constraints facing Tanzania's mortgage market.
  • There are 32 banks offering mortgage facilities, down from 33 following acquisition of First National Bank Tanzania Ltd by Exim Bank Tanzania Ltd.

In the sun-soaked expanses of Tanzania, a housing revolution is unfurling, led by an unlikely conductor: interest rates. The symphony of change echoes the crescendo of demands for affordable housing, reverberating from the National Housing Corporation (NHC).

With Tanzania's urbanization quickening its pulse, the need for housing finance surges alongside the ascent of metropolitan dreams.

In a nation where growth is as tangible as the earth beneath, the NHC's data reveals an urgent anthem: a staggering demand for three million housing units, sprouting at a rate of 200,000 annually. This wave is in sync with the rapid urbanization…

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Kenya has unveiled a mortgage refining facility-Kenya Mortgage Refinance Company (KMRC), a short in the arm in President Uhuru Kenyatta’s affordable housing scheme under the Big Four Agenda. KMRC will provide long-term funds to primary mortgage lenders in order to increase the availability and affordability of mortgage loans to Kenyans. It will help address the housing deficit in Kenya which currently stands at 150,000 units annually on an annual demand of 200,000.

NCBA, State Agency roll out affordable mortgage facility

Investing
  • NCBA in partnership with the Kenya Mortgage Refinance Company (KMRC) has rolled out a home acquisition initiative that will enable Kenyans own a home at affordable interest rates.
  • The proposition will allow NCBA customers to own homes starting from 9.5 percent interest rate. 
  • The mortgage loan will be used to acquire new homes or to construct for residential purposes, in major towns across the country.

NCBA in partnership with the Kenya Mortgage Refinance Company (KMRC) has  rolled out a home acquisition initiative that will enable Kenyans own a home at affordable interest rates.

The proposition will allow NCBA customers to own homes starting from 9.5 percent interest rate with up to 25 years repayment and 105 percent home financing, with a limit of a loan amount of up to Sh6 Million to be issued.

The mortgage loan will be used to acquire new homes or to construct for residential purposes, …