UGANDA, Mengo | Real Muloodi News | Housing Finance is one of Uganda’s licensed commercial banks. For the past 45 years, the bank has emphasised community service to improve people’s lives.
Housing Finance renewed its partnership with the Buganda Land Board to promote affordable land acquisition. The Buganda Land Board is an organisation entrusted with managing land in the Buganda Kingdom. The assets and properties restitution Act of 1993 returned the land to the Buganda Kingdom.
The two parties’ renewed partnership aims to reduce the housing deficit in central Uganda. The partnership will enable people to get affordable land with authentic titles using bank loan facilities.
Michael Mugabi, Managing Director of Housing Finance Bank, shared his remarks at the signing of the Memorandum of Understanding (MoU) at Bulange-Mengo.
He stated, “As Housing Finance Bank, we have the mandate to enable homeownership and financial independence.” Everyone needs a roof over their head, so as part of achieving our mandate, we have several solutions that will enable Ugandans to meet their housing needs, and one of these is the incremental housing loan. We recognise many Ugandans build incrementally countrywide, and we can give you loans that will enable you to build incrementally.”
During the signing ceremony, Buganda Land Board Chief Executive Officer Simon Kabogoza commented on the renewed partnership, saying, “We need to continue on the aspect of closing the knowledge gap together with key stakeholders in this intervention. Because if we work with government agencies that have the mandate to ensure that whoever puts up a property, that person has gone through the physical planning procedure and an approved plan because without it, why do you pass behind the laws and build? Where is our enforcement team on this?”
He addressed providing land titles on time from their Bulange office, where he stated, “We do not have an office in Masengere that produces land titles. That is a mandate of the government of Uganda.” Even when we are saying that we are pushing so that you can have your title in a month, that implies additional resources to push through for it to happen.”
The Memorandum of Understanding (MoU) calls for the construction of 400 housing units by a Chinese company Gouji Company, ranging from one to three bedrooms on 50 acres, a vocational school on 10 acres, an industrial park on 50 acres, clinics, a shopping mall, restaurants, and other recreational facilities in Sentema, a town in the Wakiso district.
According to Katikkiro Charles Peter Mayiga of Buganda Kingdom, a country’s level of development must consider people’s standard of living. He also praised Housing Finance for providing financial help to fund the acquisition of housing units and the establishment of the Sentema project, emphasising the importance of focusing on housing quality.
Owek. Charles Peter Mayiga applied to the government to ensure the extension of social services at proposed construction sites, including electricity, water and roads.
Wendy Shen, Managing Director of Gouji Company, also praised Buganda Land Board and Housing Finance for their help in ensuring the construction of the Sentema project with affordable housing units.
In the project, a one-bedroom house will cost 58 million, a two-bedroom house will cost 90 million, and a three-bedroom house will cost 130 million. Housing Finance intends to offer low-interest mortgages with a 10-year repayment period, Buganda Land Board stated.
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