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Thursday, 8 February 2024

NHC, PBZ TO GIVE HOME LOANS FOR BUYING NHC HOUSES

NHC Director General, Mr. Hamad Abdallah, addresses invited guests during the signing ceremony.
PBZ Managing Director, Dr. Muhsin Salim Masoud addresses invited guests during the signing ceremony.

National Housing Corporation (NHC) and the People’s Bank of Zanzibar (PBZ) have inked a deal for mortgages.



The agreement, signed on Wednesday, is meant to enable house seekers to access loans from PBZ and buy property from NHC. NHC Director General. Mr. Hamad Abdallah said the agreement brings the number of partner banks to 22.


“The partnership enables NHC customers to access loans to purchase houses in various areas,” Mr. Abdallah said during the signing ceremony in Dar es Salaam.

NHC is currently implementing various projects countrywide including Morocco Square, 711 Kawe and Samia Housing Scheme (SHS) in Dar es Salaam.


“As of last week, 556 houses out of 560 in the Kawe project were sold. This implies that the demand for houses is insanely high,” he said.

PBZ Managing Director, Dr. Muhsin Salim Masoud said they offer competitive mortgage rates with a payback period of up to 25 years. “PBZ provides loans at low rates; as low as 13 per cent,” Mr. Masoud said.

A fortnight ago, NHC signed 21 contracts with investors to demolish outdated structures and build modern ones. The structures include 16 in Kariakoo, one in Upanga in Dar es Salaam, two in Mwanza and one in Iringa.

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