The First National Bank (FNB) Tanzania yesterday unveiled four packages of home loans as it seeks to make an impact in a market that faces a deficit of three million housing units.FNB’s home completion, home equity loan, home switch loan and loan for buying a completed house seeks to help Tanzanians who crave for long term financing so they can own their dream houses.
Demand for modern houses in Tanzania is growing at a rate of 200,000 units annually.
“Our aim is to become competitive in the market so as to attract and retain customers…with this product, we will offer solutions to individuals seeking long term finances for construction, purchasing and renovation of houses,” the bank’s head of Products and Digital, Silvester Arumasi said in the city yesterday.
The interest rates will be calculated basing on a customer’s relationship with the bank and risk profile of the borrower – apparently to be collected from the credit reference bureau and through other means. They will also be negotiable.
Sales manager Emmanuel Mongella said the loan will be paid for a period of up to 20 years, and the amount to be given is 80 per cent of the total value of the activity intended to be financed.
FNB Home Loans Consultant, Patricia Nguma, said the package targets people from all walks of life provided that they have the capacity to repay the amount that is applied for.
Dar es Salaam residents will be the first beneficiaries of the loans as the bank – which opened its business in the country in 2011 – currently has no branches. Plans are underway to open branches in Mwanza and Arusha.
FNB is a pan African bank which has been operating in sub-Saharan African countries since 1874. It currently operates in South Africa, Namibia, Botswana, Zambia, Mozambique, Lesotho, South Africa, Swaziland and Tanzania.
Source: The Citizen, reported by Felix Lazaro, from Dar es Salaam, Tanzania
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