NMB Bank through its ‘Makazi Loan’ product has in the last three years disbursed 35bn/- to facilitate mortgage as part of the bank’s commitment to development of adequate housing units across Tanzania.
Speaking during seminar that brought together various players in the real estate value chain organized by the bank in Dar es Salaam yesterday, the NMB Bank Chief Internal Auditor Benedicto Baragomwa said the bank’s ‘Makazi Loan’ mortgage product is designed to increase homeownership opportunities and compliments Government’s efforts to ensure better housing for all Tanzanians
Baragomwa said the bank’s mortgage product targets people right from grassroots levels and provides prospective clients with affordable mortgage options including purchase, construction, finishing and collateral
“Our aim is to offer affordable mortgage solutions. We understand the current housing market is highly competitive, making it exceedingly difficult for potential homebuyers, especially low income earners. The ‘Makazi Loan’ mortgage product is designed to ease that burden, provide more equity in the home lending process, and make the dream of homeownership more attainable for Tanzanian” he said.
Baragomwa said the bank has a very strong balance sheet that can be guaranteed by its strong Half Year Financial performance where the bank reported a 208bn/- Profit before Tax this week.
“Our loans portfolio cuts across all sectors. We are willing to issue loans from as low as 10m/- to 700m/-and we will continue working closely with all real-estate players to ensure that Tanzanians own adequate housing units,” he said.
The Ubungo District Commissioner Heri James while speaking on behalf of the Dar es Salaam Regional Commissioner Amos Makala said the bank’s Makazi Loan product launch is particularly relevant and comes at a time when Dar es Salaam Region is in the process of its Master Plan.
He noted that adequate housing is vital in the development in the country adding that the bank’s efforts compliments the government’s vision of ensuring suitable and adequate housing for all Tanzanians.
“A recent World Bank study showed that Tanzania has a deficit of three million housing units and every year there is an increase in demand of 200,000 housing units. Currently, the real estate sector is growing rapidly but this kind of growth will be fruitful if banks offer low-cost mortgage products,” he added.
He noted that there are many documented land cases in Dar es Salaam that have been brought about by failure of land owners to develop their land because of lack of finance, adding that the bank’s Makazi Loan product will now offer some relief.
“This is now an opportunity for people whose plots of land have been lying idle without any development. The good thing is one can bargain on the terms and conditions. Let’s grab these opportunities and put our idle land into use,” he stressed.
The NMB Bank Mortgage Loan Manager Miranda Lutege during the event said the bank has no set ceiling on loans earmarked to facilitate mortgage financing adding that the bank will be rolling out a door-to-door campaign across the country to sensitize the public on the available opportunities in the real estate industry.
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