NMB Bank has launched a new mortgage proposition seeking to address challenges facing Tanzanians in building and owning decent homes.
The Bank’s Managing Director Ms Ineke Bussemaker, said the new mortgage proportion offer more attractive terms to borrowers including 15 years repayment period and competitive interest of 17 per cent with a waiver of facility fees.
“In Tanzania, buildings belonging to individuals are often gradually built through savings, which often do not help achieving something viable,” she said, adding that we are now offering this loan, which brings together the entire sum needed to build a dream home.
The NMB Mortgage loan is payable in a friendly reducing balance basis in predictable equal monthly installment from a minimum amount of 10m/ to maximum of 700m/-.
“With NMB’s mortgage loan facility, we will finance up to 90 per cent of the value of the property and this means that you will be required to deposit only 10 per cent of the property value,” she said.
With NMB Bank’s Mortgage loan facility, customers have options to choose among the three options which is purchasing for customers buying houses, refinancing for those owning titled property and would like to get a cash release from their property to invest in other activities and semi finish loan for customers in need to finance their houses from linter stage.
She mentioned that the maximum loan amount is 700m/- subject to customer’s repayment ability, whereas the monthly repayments should not be more than 50 per cent of the net monthly income.