Affordable housing loans rolled out to low-income Tanzanians

16Sep 2019
Marc Nkwame
The Guardian
Affordable housing loans rolled out to low-income Tanzanians

TANZANIANS seem to be aspiring to become own landlords and in respect to this the Commercial Bank of Africa is developing special housing loaning schemes for low-income individuals to enable them build their own homes.

That was announced over the weekend during the recently held CBA customers’ day where the bank management met with their clients at Mount Meru Hotel here, to address the way forward regarding how the financial institution has so far performed and what the customers feel should be included in future service offerings.

According to the Head of CBA personal banking, marketing and communications, Julius Konyani, the financial institution has realized that most Tanzanians fall under the low income bracket but all of them usually aspire to have their own decent homes and avoid the hassle of being tenants.

“That is why our bank has come up with the special housing loans to help people invest in modern homes; they can service their loans for up to 20 years’ series of instalments,” said Konyani adding that almost all Tanzanians can afford that.

CBA seems to be taking over from where the former state-owned Tanzania Housing Bank (THB) left, when the latter closed down 30 years ago. THB used to be a financial institution fully dedicated to real estate investments.

The other thing which was discussed during the CBA event is the issue of other personal loans, where it was revealed that the bank has upped the amount from the previous 50m/- ceiling to the current 100m/- as per their customers’ demand.

The Chief Executive Officer for the Commercial Bank of Africa, Gift Shoko who graced the occasion, revealed that CBA Customers’ Day is special meant to express gratitude to their clients.

“It affirms the importance which our bank places on the customers and we are here to get their views on how they would like to be served; this is also a network platform where different customers can meet, share ideas and exchange information regarding their trade and business ventures,” added Mr Shoko.

Prudence Kaijage, is one of the CBA customers that attended the event last Saturday night; “If anything all people in Tanzania focus in having own homes, some work for their entire life just to save enough to build a house,” he said.

“CBA also understands that when it comes to dealing with clients, they should take into consideration individuals’ requirements, positions and predicaments and usually advise accordingly upon securing loans,” stated Kaijage.