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Housing Finance to resume loans to NHCC flat buyers
Publish Date: Mar 11, 2005
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By Aidah Nanyonjo

HOUSING Finance Company of Uganda (HFCU) will resume lending to buyers of the 1,500 National Housing and Construction Corporation (NHCC) flats in May, the firm’s principal loan officer, Guster Kayinja, has said.

“We had stopped the offer due to problems, which arose during the process. We had to solve them and continue with the condominium loans,” Kayinja said.

This was during a meeting at Hotel Equatoria in Kampala recently.
He said they had to solve issues between HFCU’s shareholders, NHCC and National Social Security Fund.
National Housing is selling over 1,500 flats in and around Kampala under the Condominium Act of 2002.

However, NHCC tenants said the leving of 17% Value Added Tax (VAT) on the sale of the flats is unfair and asked the Government to scrap it.

The loans will have a 16% interest over a maximum repayment period of 20 years.

The flats are in Bugolobi, Kololo, Wandegeya, Nakasero and Bukoto.
The vice-chairman of the National Association of Tenants, Tom Ongeso, said in 2003, housing minister, John Nasasira, had rejected the 17% VAT, yet it is still being levied.

He said the flats should be VAT-free like the NHCC bungalows, which were sold in 1995.

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