By Mark Owor
and Juliet Waiswa

HOUSING Finance Bank and Nationwide Properties have signed a deal where the bank will provide mortgages to clients to buy houses in Royal Palms estates in Butabika, near Kampala.

The $150m estate is a five-year joint venture between Property Services and Mukwano Group.

Patrick Kabonero, the bank’s executive director, said they would give mortgage to financing 80% to their account holders to buy residential units.

“The mortgage will be re-paid at a reducing interest rate over a period of 20 years,” he said.

The semi-detached apartments range from sh173.5m for the three bedroom units to sh487.5m for those with four bedrooms.

Michael Werikhe, the housing state minister, said the Government would provide infrastructure for estates to ease the work of developers.