Stanbic joins mortgage bandwagon
STANBIC Bank has become the fourth financial institution to offer mortgage services after Standard Chartered, dfcu and Housing Finance Company of Uganda. Kitili Mbathi, the managing director, launched the facility on Monday in Kampala.
By Peter Kaujju
STANBIC Bank has become the fourth financial institution to offer mortgage services after Standard Chartered, dfcu and Housing Finance Company of Uganda. Kitili Mbathi, the managing director, launched the facility on Monday in Kampala.
He explained that the move was in fulfillment of the promise made last year when the bank listed on the stock exchange. “The product is now with us. We are sure it will be a successful because the number of people who want mortgages is much higher than those offering it,†Mbathi said.
Damalie Kaimba, the home loans manager, said the product would stimulate growth in the housing sector.
She said borrowers would have a 20-year repayment period at a prime lending rate of 16%. “We are sure that the product will promote home ownership and wealth creation.
“We want to offer people access to affordable long-term finance. “We are targeting first time buyers, buyers for investment and those wishing to re-finance mortgages, Kaimba said.
She disclosed that there would be no limit on the amounts borrowed if the criteria is met.
STANBIC Bank has become the fourth financial institution to offer mortgage services after Standard Chartered, dfcu and Housing Finance Company of Uganda. Kitili Mbathi, the managing director, launched the facility on Monday in Kampala.
He explained that the move was in fulfillment of the promise made last year when the bank listed on the stock exchange. “The product is now with us. We are sure it will be a successful because the number of people who want mortgages is much higher than those offering it,†Mbathi said.
Damalie Kaimba, the home loans manager, said the product would stimulate growth in the housing sector.
She said borrowers would have a 20-year repayment period at a prime lending rate of 16%. “We are sure that the product will promote home ownership and wealth creation.
“We want to offer people access to affordable long-term finance. “We are targeting first time buyers, buyers for investment and those wishing to re-finance mortgages, Kaimba said.
She disclosed that there would be no limit on the amounts borrowed if the criteria is met.