Nicholas Oneal
12 July 2009
Kampala — HOUSING Finance Bank has set aside sh55b in mortgage financing for the National Housing & Construction Company (NHCC) units in the Namungoona and Kiwatule housing estates.
Under the deal sealed between the two institutions over the weekend, Housing Finance will fund 90% of the purchase prices of the homes.
The loans will be repayable for over 20 years, top officials announced.
The deal allows customers to book apartments with amounts as low as sh3m for the Namungona estate and only sh5m for Kiwatule with purchase prices of sh82m and sh158m respectively, Nicholas Okwir, the bank's managing director explained.
"At Housing Finance Bank, we are committed to our mission of enabling people realise their financial dreams through the provision of affordable financial solutions," said Okwir, adding that the bank values its participation in facilitating the acquisition of homes and shelter, a basic human need.
Housing Finance is the pioneer mortgage financier in Uganda, having been in the business for over 40 years, while NHCC has been in the construction trade for 45 years as the leading real estate developer with several projects in Namungoona, Kiwatule, Lubowa, Kyambogo, Bugolobi, Mutundwe and Naalya.
Housing Finance was instrumental in financing the purchase of government pool houses, condominium flats in Bugolobi, Wandegeya, Bukoto, Naalya, Lubowa and Nsambya housing estates.
Joseph Kitamirike, the NHCC chief executive officer, said the venture would offer opportunities to customers to own "an important resource of wealth" through the acquisition of quality homes at affordable prices.
Meanwhile, David Muwanga adds that NHCC plans to invest $70m in the completion of all its housing projects.
"We will invest $70m in 2010 to complete the 500 housing units. A total of $30m will go to the Namungoona site, while the balance will be spent on projects in Mukono, Mutundwe and," Kitamirike said.
He was speaking at the signing of an agreement with Enterprise Uganda and the Uganda Investment Authority for the training of NHCC's suppliers.
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