LUKUVI COMMENDS NMB BANK FOR CHAMPIONING MORTGAGE FINANCING

Minister for Lands, Housing and Human Settlements Development - William Lukuvi speaking at the official opening of Nyumba Day event organized by NMB Bank in Arusha over the weekend. The Nyumba Day event is meant to create awareness on mortgage financing.

The Administrative Manager for Elerai Construction LTD – John Tarimo briefing the Minister for Lands, Housing and Human Settlements Development - William Lukuvi at the Nyumba Day event organized by NMB Bank in Arusha over the weekend. Looking on are NMB Bank’s Business Head Retail – Salie Mlay and The Bank’s Northern Zone Manager – Aikansia Muro.

Minister for Lands, Housing and Human Settlements Development - William Lukuvi shaking hands with the NMB Bank’s Northern Zone Manager – Aikansia Muro moments before the official opening of Nyumba Day event in Arusha over the weekend. Looking on is NMB Bank’s Business Head Retail – Salie Mlay.

Minister for Lands, Housing and Human Settlements Development - William Lukuvi shaking hands with the NMB Bank’s Northern Zone Relationship Manager Government Business – Christabel Hiza moments before the official opening of Nyumba Day event in Arusha over the weekend.

Arusha - Minister for Lands, Housing and Human Settlements Development - William Lukuvi has called NMB Bank to join forces with National Housing Corporation (NHC) and construct affordable houses for Tanzanians.

“The process of acquiring a building plot and a building permit takes very long and could at times be a frustrating one, it is my hope that the system will help address the nightmare that Tanzanians have to grapple with when thinking of a owning their houses,” said the Minister at the weekend at a ‘Nyumba Day Expo’ organized by NMB Bank

The Minister emphasized that the government had disbursed 421bn/- to financial institutions through the Mortgage Finance Act of 2008 with a view of improving the lives of Tanzanians, specifically in providing them with adequate housing.

Mr Lukuvi was speaking at the Nyumba day event organized by NMB Bank aimed at creating awareness on the bank’s mortgage financing in Arusha

“What the government has given to financial institutions is 300 times more than what NMB has allocated for mortgage, this has to be reflected on the kind of houses that will be owned by Tanzanians,” suggested the minister.

According to Mr Lukuvi the country’s inadequacy in shelter delivery system to cater for the urban population has led to an extensive development of squatter or unplanned settlements.

The Minister commended NMB Bank for championing such a cause.

Earlier on NMB’s Business Head Retail - Salie Mlay told the Minister that the bank had in two years issued 17bn/- worth of loans to 139 customers all over the country.

Mr Mlay noted further disclosed that the bank would liaise with NHC to ensure that Arusha residents acquire low cost units at Safari City located in Mateves, a suburb outside the city’s outskirts.

He said NMB Mortgage Finance aims to ease the current housing demand of the housing units particularly in the urban settings as the urbanization grows steadily.

The ‘Nyumba Day’ expo, fourth to be held in Arusha also featured constructing and engineering firms based in the city.

When it was launched in 2017, NMB became the first bank to offer lower rates mortgage financing in comparison to other mortgage facilities on the market with the minimum amount being Sh10 million while the maximum is Sh700 million.

“The aim was to offer solutions to challenges facing Tanzanians in building their houses…. In Tanzania, buildings belonging to individuals are often gradually constructed through savings. This loan, which brings together the entire sum needed to build a dream home and that is why the response has been tremendous,” he said.

The repayment period of the entire loan is pegged at 15 years but should a client opt for early repayment then he or she can do so after six months.