By Lake Zone watch writer
Azania Bank and the state-run Zanzibar Housing Corporation ZHC) yesterday launched loan services for low-cost houses built by the latter in Unguja and Pemba islands.
The launch ceremony of the new service between the two institutions was held at the Azania Bank Branch in Zanzibar.
Speaking after signing an agreement between the two financial and housing bodies, Azania Bank Senior Manager for Private Customers, Jackson Lohay, said his bank is ready to extend loans to people who will need the low-cost houses.
“I congratulate ZHC for their readiness to cooperate with us. In this issue they have shown their true colours that it is an organisation aimed to uplift the status of Zanzibaris in practical terms,” he said.
“” We’re the first bank in Tanzania to disburse housing loans (of course, after the defunct state-regulated Tanzania Housing Bank). We at Azania Bank are not new to this business; we have enough experience. As I have explained, the loans will be charged at the lowest interest rate of 14 per cent for a 25-year period,”
ZHC Director-General, Mwanaisha Ali Said, said the agreement has broadened and simplified the provision of owning housing facilities to their customers
“We normally mortgage our housing units after discovering that loan payments are hard to come by,” she said, adding “I appeal to all Zanzibaris to grab this low-cost housing loans opportunity for their own advancement.”
Currently, Zanzibar is implementing a housing project at Mombasa Kwa Mpemba of which 90 per cent of the houses have been purchased.
Other projects are being carried out at Mfikiwa (72), Chakechake in Pemba (220 housing units), Nyamwezi in Zanzibar (120) and Kisakakasaka (240).