Azania, ZHC unveil low-interest housing loan service
A senior manager at Azania Bank, Mr Jackson Lohay and the Zanzibar Housing Corporation director general, Ms Mwanaisha Ali Said sign documents in the isles yesterday. With them is acting director of the property management and business development for the Zanzibar Housing Corporation, Mr Hassan Mohammed Sleman Kaimu and the manager of housing loans at Azania Bank Hellen Moka. PHOTO | THE CITIZEN CORRESPONDENT
Zanzibar. Azania Bank Limited, in partnership with the Zanzibar Housing Corporation (ZHC), yesterday launched a loan service for houses built by the corporation in various parts of Unguja and Pemba islands.
Speaking at the launch and the signing of an agreement between Azania Bank and ZHC at the bank’s Zanzibar branch, the lender’s Senior Manager, Mr Jackson Lohay, said the Bank has organized itself well and is ready to loans to those interested in buying the houses, whose costs are affordable.
"First and foremost, I would like to congratulate ZHC for showing their willingness to cooperate with us, in this they have shown the reality that it is an institution that aims to uplift the people of Zanzibar by deeds," said Mr Lohay, adding that the Bank is the first in Tanzania to give housing loans.
"We, at Azania Bank, are ready to serve you because we are not new to this business, we have enough experience as I said and we will give you housing loans of very low interests starting from 14 percent, whereby the loan repayment period is up to 25 years and its conditions are friendly. “Any Tanzanian is allowed provided they meet the criteria and conditions of loan repayments in accordance with the payment flow," Mr Loray insisted.
For her part, the ZHC Director General, Ms Mwanaisha Ali Said, explained that the agreement into which they had entered with Azania Bank would give their customers simplicity, saying that and now they would have a wide scope to enable them to buy and own houses without fear.
‘’Entering into this agreement is a continuation of our plans as an institution to empower the Zanzibaris to buy houses in an easy way, we usually sell our houses in several ways including through cash and through mortgage.
"After realising that the purchase of our houses through loans we did not do very well, we had to approach Azania Bank because we know they have a wide experience in the area of mortgage financing and finally today we are going to sign an official agreement. “I urge all citizens to seize up this opportunity, currently we have a project in the area of Mombasa kwa Mchina here in Zanzibar on constructing 72 houses, whereby about 90 per cent of the houses have already been purchased
“Not only that, but also there are other projects such as the area of Mkiwa in Chakechake, Pemba, where 220 houses under construction including Nyamanzi here on Zanzibar (120 houses) and at Kisakakasaka, where 240 houses are being constructed,''Ms Said.
