• About Us
  • Contact
Friday, March 31, 2023
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Sectors Real estate

 NMB advanced mortgage loans hit 230bn/- in seven years

by Editor
28/06/2022
in Real estate
0
 NMB advanced mortgage loans hit 230bn/- in seven years
Share on FacebookShare on Twitter

NMB Bank has advanced mortgage loans worth over 30bn/- in seven years that have played a pivotal role in the national aspiration to boost ownership of decent homes in the country, a senior official of the bank said last week.

NMB Head of Personal banking, Aikansia Muro (2nd right) handing pamphlets with details on Makazi Loans to Chief Government Valuer  Evelyne Kamugisha when she officiated the bank’s conference in Dodoma. From left is NMB Mortgage Manager Miranda Lutege, Central Zone Manager Nsolo Mlozi and Head of Private Banking Getrude Mallya (right). Photo by our photographer.

The Head of Personal Banking, Aikansia Muro, told participants of a workshop on better housing organised by the bank here on Friday that the top lender is ready to support efforts of the government in fulfilling the home ownership ambition.

 Muro said mortgages extended by NMB Bank range between 10m/- and 700m/- million. She told stakeholders in the construction industry value chain that the bank has a special programme to support housing improvement through affordable and fast home loans.

“Since inception of this programme about seven years ago, we have extended housing loans worth TZS 33 billion, which have boosted homeownership levels in the country and enabled our clients to own decent houses,” Ms Muro noted in her presentation during the NMB Housing Day that also included a sectoral exhibition.

A mortgage market report published by the Bank of Tanzania (BoT) last week listed NMB Bank among the top five housing loans giants in the country. According to the latest Tanzania Mortgage Market Update, local homes finance registered a 1.41 per cent growth in the value of mortgages as of 31st March 2022.

BoT said the outstanding mortgage debt at the end of quarter one this year increased to TZS 503.74 billion equivalent to US$218.07 million as compared to TZS 496.61 billion equivalent to US$ 215.06 million reported on 31st December in 2021.

“To us, home loans are a key aspect of the lending services we offer our clients that give them four options to finance their housing needs,” Ms Muro noted adding:

“The first option are loans for house purchasing, the second is the construction mortgage, the third is a loan to complete house construction and lastly is using a house as collateral for securing a loan,” she explained.

The NMB personal banking expert said the lender has taken several measures to support the government’s housing improvement efforts. This include lowering mortgage interest rates from 17 per cent to between 14 and 16 per cent.

The bank has also lowered the salary threshold for eligible borrowers to TZS 300,000 from TZS 700,000, she added.

The guest of honour at the event was the Chief Government Valuer, Ms Evelyne Mugasha, who lauded NMB Bank for helping the authorities to address the shortage of decent homes in the country.

The official said latest BoT statistics show that Tanzania has a shortage of three million decent houses while the country every year faces a housing demand of 200,000 new units.

 Mugasha said by organising the housing day and workshop, NMB has shown its commitment to support the Sixth Phase Government endeavour to improve housing and lives of Tanzanians in general.

According to her, decent houses and homes are pivotal aspects of national development. Equally important, she added, are friendly interest rates on mortgages like the ones offered by NMB.

“The government recognizes the importance of a healthy housing sector in national development. It is along this line of thinking that NMB Bank readily provides mortgage loans so that people can build and own better homes,” Mugasha noted in her remarks.

The NMB Central Zone Manager, Nsolo Mlozi, said they have been engaging housing stakeholders to share notes on the best ways to address sectoral challenges, including the issue of affordable mortgages.

Editor

Editor

Next Post
AfDB, Tanzania ink $125.2 million loan agreement to address water shortages in Dodoma region

AfDB, Tanzania ink $125.2 million loan agreement to address water shortages in Dodoma region

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Fri, 31 Mar.

Recommended

180 projects registered in Zanzibar in 18 months

180 projects registered in Zanzibar in 18 months

8 months ago
Barrick operations in Tanzania set to exceed combined production of 500,000 ounces

Barrick operations in Tanzania set to exceed combined production of 500,000 ounces

5 months ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Others
    • Q&A Interviews
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili