Tanzania embarked on financial liberalization in 1992 in order to sustain its economic growth. This has been done by mobilizing financial resources, increasing competition in the financial market and enhancing quality and efficiency in credit allocation. As a result, the sector has been booming, particularly during the last few years.
As a result of the liberalization, the banking sector in Tanzania has been booming, particularly over the last few years and new merchant banks, commercial banks, bureaus de change, credit bureaus and other financial institutions have entered the market.
With a total of 56 licensed banks and other non-banking financial institutions, which are not allowed to open current accounts, the market is characterized by a few big players and several small banks, and increasing competition.
The insurance penetration in Tanzania, i.e. the contribution of insurance to National Gross Domestic Product remains very limited, paving the way for plenty of room for further growth.
The Tanzania insurance sector is growing steadily, with 30 insurance companies and 112 insurance brokers currently active in the market.
The securities market in Tanzania also emerged in the 1990s as a result of the government policy of liberalizing the financial sector.
Within such framework, the Capital Markets and Securities Authority (CMSA) was established in 1994 and the Dar es Salaam Stock Exchange (DSE) was incorporated.
To date, there are 21 companies listed at the DSE, for a total market capitalization of TZS 20,186.48 billion, (December 18th, 2015).
All you need to know about home loans in Tanzania, by Stanbic Bank.
Homes are often a representation of something larger than a physical structure; they are a monumental step forward in life.
A home symbolizes security, stability, and success. Understandably, these feelings are attached to home ownership, as shelter is a basic human need providing security and safety.
Now home loans have become an increasingly accessible avenue into home ownership.
Hopeful homeowners are now only required to have an equity payment of 20%. Once the equity payment is available the bank will finance up to 80% of the value of the property.
Securing the finances for a home is the first step, next is the monthly payments, which should not exceed 40% of the monthly income.
It is advisable to exercise caution and avoid loans that will make it difficult to meet the obligations of monthly payments.
Additionally, in order to secure a home loan, a title deed will be required. It is an important document that legitimizes land ownership and gives the bank assurance of assets.
Other documents to support the application process include identification and existing loan history.
Home loans are not restricted to outright purchases but also apply to building and home renovations.
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