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NHC, PBZ partner to provide home loans

DAR ES SALAAM: 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 soft signing ceremony in Dar es Salaam.

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NHC is currently implementing various projects countrywide including the 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 tells us 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.

NHC fortnight ago signed 21 contracts with investors to demolish outdated structures and build modern ones.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