Uganda: Why Building Loans are Gaining Popularity
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Kampala — UGANDA currently has a housing deficit of more than 1.7 million units and the figure is rising annually in tandem with a high population growth rate.
A public-private partnership where Government provides land and manpower to erect houses, while the private sector provides the finances, would have afforded the ideal way of dealing with this deficit, but has been lacking.
People have recognised they can use the money they spend monthly on rent to finance long-term mortgages after acquiring their own homes, and are running to banks to benefit from these facilities.
Quick in recognising opportunities, banks have come up with different packages through which they provide long term loans and mortgages to the beneficiaries.
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