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Rwanda: Mortgages - Customers to Service Loans for 20 Years
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The New Times (Kigali)
27 March 2008
Posted to the web 27 March 2008
Kabona Esiara
Kigali
Borrowing money for constructing, buying or renovating houses in the country has slightly been eased.
Rwanda Commercial Bank (BCR) has increased the time customers will service the mortgage to over a 20-year period from 15 years.
The customers who have been paying a deposit of 30 per cent of the total cost of the property, will now pay 20 per cent, BCR management has announced.
"We have reduced the deposit requirement (from 30 per cent to 20 per cent) to help many Rwandans own homes," David Kuwana, BCR managing director said.
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BCR invested in mortgages after finding out that Rwanda is short of houses by 25,000 units annually. The product: "Own your home mortgage finance" is the first of its kind in the country and is targeting all income groups; the low, middle and big income earners.
"We want people to start with small houses and graduate to mansions," Kuwana advised.
According to information from BCR mortgages department, many people who had failed to complete their houses are now rushing to the bank for financing. The bank plans to invest Frw3b in modern housing units valued at Frw15m and Frw45m.
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