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CRDB Bank and Mutual Developers are pacesetters for home loans
2008-08-18 09:21:42
By Michael Haonga
A partnership between the CRDB Bank and Mutual Developers Limited appears to be setting breaking grounds on how to provide homes to urban residents through the workings of the market.
Mutual Developers Limited (MDL) -- a Dar based property development company -- has already put up and sold some 110 home units to indigenous.
The modern homes are called South Beach Resort and are located at Gezaulole-Kigamboni sub-location, Temeke District in Dar es Salaam.
MDL is engaged in providing wider access for Tanzanians with modern new houses on loan basis and apart from working on construction of some 200 more houses at Kisota also in Temeke District.
According to MDL`s Acting Managing Director, Kaisi Kalambo, different types of homes based on their floor size and facilities are offered, with different architectural style.
On its part, the CRDB Bank provides mortgage financing to pre-qualified buyers of residential properties developed by MDL.
The financing limit goes up to 65 percent of the collateral value and subsequent disbursements would be in the form of installments on a schedule agreed with MDL.
The Bank takes pledge of the property at SBR development or any other acceptable assets.
Documents show that for borrowers repaying through salary deductions, they would have to pay installments for six years, at an interest pegged at 2 percent above the five-year Treasury Bond Rate.
For those offering SBR property as the only collateral, the Bank demands 40 percent in deposit before making available entire loan.
The SBR properties is located just 60 meters away from the Indian Ocean.
He also hinted that in future similar initiatives would be taken upcountry, most preferably to Arusha, Mwanza and Mbeya, as well as outside the country.
The price of unit homes lies at between USD 50,000 to 350,000 depending on the size and location.
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