According to the Tanzania Mortgage Refinance Company Limited (TMRC) report on mortgage financing released earlier this year, the Tanzanian housing sector’s fast-growing demand is mainly driven by the strong and sustained economic growth with gross domestic product growth averaging 6-7% over the past decade and the fast-growing Tanzanian population which is estimated to be 55 million and is expected to more than double by 2050.
Bernard Mfugale, Stanbic Bank Tanzania Home Loans Manager said in a recent interview, “Individuals should not have to realize their dreams of home ownership at retirement. Stanbic Bank wants to empower these dreams by making them a reality for families; owning a home is a basic need although it remains a challenge for many for several years.”
Additionally, Stanbic also makes sure that all the houses obtained through loans are secured by a
comprehensive home insurance from reputable insurance companies but also further ensure that the owners have a life insurance to guarantee that the heirs will still have shelter even after a misfortune such as death or permanent disability.
“As drivers of inclusion, we have now introduced a home construction facility where we finance
construction from beginning to end to ensure that those who cannot afford an equity release and
already have a picture of their dream house can have it,” said Mfugale.
A mortgage is the vehicle that enables the customer to home ownership; it is more than an investment but a place where families create lifetime memories. “We have simplified the process of buying, building or improving your home by developing solutions that make house hunting, buying and building easier,” Mfugale stressed. Stanbic Bank finances up to 80% of the value of the property.
Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank by assets.
The group has been operating in Tanzania under the Stanbic Bank brand since 1995 focusing on all the key growth sectors in Tanzania, including agriculture, telecommunications, oil and gas, power and infrastructure and fast-moving consumer goods.
The bank recently received accolades at the Banker Africa awards for being Tanzania’s ‘Best SME Bank,’ further demonstrating Stanbic’s commitment to making progress real for businesses thus driving inclusive economic growth in Tanzania.