Stanbic boosts real estate
Stanbic Bank has launched a new loan scheme to enable people acquire houses.
By Ricks Kayizzi
Stanbic Bank has launched a new loan scheme to enable people acquire houses.
Damalie Kairumba, the home loans manager, said the facility would foster growth of the real estate sector.
“the long gestation period between the erection of a house and its sell financially cripples many real estate developers.â€
“This product will allow customers to buy residential properties from developers and finance their construction.
“This will be done through progress payments in collaboration with approved suppliers,†she said
Kairumba said the loans, property and life of the borrowers would be insured so that in case of death or permanent disability, the insurance firm pays the loan balance.
Tom Newton-King, the head of products and segments, said they want to fill the gap of country’s housing needs and to give variety to property buyers.
The function attracted 40 real estate firms including Kensington, Nationwide Properties, HL Investments and Pearl Estates.
Castle Estates and Blue Ocean.
The developers who took part are some of the participants who will be exhibiting during the Stanbic’s home and auto show set to take place on between 7th– 8th March at Lugogo UMA show grounds.
Stanbic, which is the biggest banking institution in Uganda, has about 700,000 customers and a branch network of 70 outlets around the country.
Stanbic Bank has launched a new loan scheme to enable people acquire houses.
Damalie Kairumba, the home loans manager, said the facility would foster growth of the real estate sector.
“the long gestation period between the erection of a house and its sell financially cripples many real estate developers.â€
“This product will allow customers to buy residential properties from developers and finance their construction.
“This will be done through progress payments in collaboration with approved suppliers,†she said
Kairumba said the loans, property and life of the borrowers would be insured so that in case of death or permanent disability, the insurance firm pays the loan balance.
Tom Newton-King, the head of products and segments, said they want to fill the gap of country’s housing needs and to give variety to property buyers.
The function attracted 40 real estate firms including Kensington, Nationwide Properties, HL Investments and Pearl Estates.
Castle Estates and Blue Ocean.
The developers who took part are some of the participants who will be exhibiting during the Stanbic’s home and auto show set to take place on between 7th– 8th March at Lugogo UMA show grounds.
Stanbic, which is the biggest banking institution in Uganda, has about 700,000 customers and a branch network of 70 outlets around the country.