UGANDA, Kampala | Real Muloodi News | Uganda Bureau of Statistics estimates the present housing deficit in Uganda to be at 2.1 million units, with the highest shortage in Kampala.
To be a homeowner is every Ugandan’s dream. This is yet to be fulfilled for many, as 61% of the employed live in rented houses. 90% of households rent apartments for up to three years, and then look for alternative accommodation means.
Over the past few months, Housing Finance Bank has partnered with financial institutions to make Ugandans’ dream of owning houses a reality.
Ms. Peace Kabunga, Executive Director of Housing Finance Bank, says the Bank’s primary aim is to reduce the housing deficit in Uganda. She noted the growing housing deficit, estimated at 200,000 units a year, is a serious issue.
The bank provides affordable finances to enable buying or completing residential properties. Therefore, Ms. Kabunga noted that acquiring mortgages is the best alternative for achieving a home in Uganda.
“Financiers are an important part of the housing value chain.” Ms. Kabunga made these remarks at a mortgage training conducted at Kabira Country Club in collaboration with Enwealth Financial Services.
The Key Topics Covered During the Training at Kabira Country Club
- Mortgages housing modes.
- Choosing a mortgage provider: one should be experienced in the mortgage business, have the financial strength to suit a borrower’s needs, and provide an all-inclusive cost for the mortgage.
- 100% financing to enable buying or completing a residential property.
- Partnership with low-cost housing developers.
- Flexible loan repayments.
- Gradual housing to help to build in stages.
- Use of unnamed land.
Most Ugandans construct in phases for an average of 4 years, as it is hard to get a single complete sum of money.
Most retirees cannot use their pension for construction. This is because most retirement packages do not support the completion of a house at retirement. Housing Finance Bank is therefore easing Housing Support Services, such as loans for solar and water connection, to help the retirees.