NBC campaign aims at boosting mortgage adoption
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From Left to right: NBC director of retail banking Elbariki Masuke, CPS Chief Executive Sebastian Dietzold, NBC Chief of staff Msafiri Shayo, Nabaki Africa chief executive officer Russel Stewart and TMRC's chief finance officer Oswald Urassa
Dar es Salaam. The National Bank of Commerce (NBC) is seeking to increase access to housing loans through a new campaign that targets accelerating the availability of improved homes in the country.
Dubbed “Mkopo wa Nyumba wa NBC,’ the campaign offers Tanzanians the opportunity to access loans ranging from Sh20 million to Sh1 billion, with the flexibility to repay the loan gradually over up to 25 years, the bank said in a statement.
Speaking during the launch of the campaign on Wednesday, NBC director of retail banking, Mr Elibariki Masuke, said the campaign aims to offer Tanzanians the chance to become homeowners and stimulate economic growth and development. “Building homes creates employment opportunities for a wide range of individuals, from construction workers to building material vendors. This, in turn, stimulates economic growth and generates revenue for the government through taxes on water and electricity usage within these homes,” he said
“This campaign presents vast economic opportunities across the entire construction industry value chain,” he added.
The event was attended by various stakeholders, such as the Tanzania Mortgage Refinance Company Limited (TMRC), real estate developers, retailers and wholesalers of building products and construction materials, government officials, customers, and employees of the bank.
Mr Masuke said the initiative aims to bolster the commercial real estate sector within the country. According to him, the loan gives options that include the purchase loan, the renovation or completion loan, and the home guarantee loan.
Speaking at the event, TMRC chief finance officer, Mr Oswald Urassa, noted that the current rate of affordable housing loans in the country is still below one percent, compared to neighbouring countries like Kenya with 1.8 percent and Rwanda with four percent.
“TMRC is well-prepared to work closely with NBC to achieve this important plan, which is in line with the government’s goal of improving housing for its citizens,” said Mr Urassa.
The chief executive officer of property developers CPS, Mr Sebastian Dietzold, said the loan will breath fresh air into the property market, calling on more people to invest in real estate.
“It is important for more people to invest in real estate and that is why this loan will help. CPS has properties for everyone,” said Mr Dietzold.
The chief executive officer of building material supplier Nabaki Africa, Mr Russel Stuart, revealed that the company plans to offer discounts ranging from five to 15 percent on some building materials for customers who benefit from the loan.