ZANZIBAR: In a significant move to address the housing needs of Tanzanians, the National Bank of Commerce (NBC) and the Zanzibar Social Security Fund (ZSSF) have signed an agreement to offer affordable homes to citizens of Zanzibar, Mainland Tanzania, and Tanzanians living abroad.
The agreement, signed at the ZSSF Headquarters in Zanzibar, will allow the two institutions to collaborate on the sale of the affordable homes built by the ZSSF in the modern residential area known as Dr. Hussein Mwinyi, located in the Mombasa area , Zanzibar.
The ceremony was witnessed by the ZSSF Human Resources Director, Mr. Saleh Daudi Makame, and the NBC Retail Banking Director Mr. Elibariki Masuke, along with other senior officials from both organizations.
Commenting on the significance of this partnership, Mr. Masuke expressed the bank’s commitment to improving access to quality housing in the country, adding: “This agreement opens the door for citizens of all income levels within and outside Zanzibar to own homes more easily. It is a new and the right refuge for all those who have long struggled to own homes.”
Through the program, NBC will provide long-term loans with favourable terms, including repayment periods of up to 25 years, to customers who meet the eligibility criteria.
“These loans range from 20m/- to 1bn/-, thus catering to buyers of homes of all price ranges, including those of high-value homes,” Mr. Masuke pointed out.
Elaborating, the banker said: “Our primary goal is to ensure that this service reaches citizens of all income levels, including those with low, middle, and even high incomes.
Essentially, this is why our loans have been designed to provide financial relief to customers of all kinds, and anyone with a dream of owning a home can benefit.”
Furthermore, the loans will be accompanied by specialized insurance that will protect the homes against various risks such deaths of owners, fire accidents, earthquakes, and other natural disasters.
“If a customer who has borrowed to purchase a home through this programme passes away before completing the loan repayment, the insurance will take over the responsibility of paying the remaining debt, thereby relieving the burden and stress on the deceased’s family.
This insurance also protects the property to ensure that the homes remain safe from the impact of natural disasters,” Mr. Masuke further said.
On his part, Mr. Makame highlighted the diverse range of homes available through the partnership, stating that the offerings include two-bedroom to four-bedroom units, with some homes already sold and others still on the market.
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“Through this new partnership with NBC, we believe that the loans will help sell the remaining homes more quickly, a step that will enable us to recoup the 35bn/-invested in this project to strengthen our fund and ultimately continue to pay our members’ benefits on time,” said Mr. Makame.
The landmark agreement not only provides a much-needed solution to the housing challenges faced by Tanzanians, but also solidifies the strategic partnership between NBC and ZSSF, positioning them as key drivers in the social and economic development of the nation.
