Anyone can acquire a house as long as you have some stable source of income.
That is what the banks want to be able to give every willing low income earner a chance to own their own home.
All thanks to Buganda Kingdom, Guoji Group, Housing Finance Bank and Centenary Bank.
In January this year, the kingdom signed a deal with Housing Finance Bank to avail Sentema estate buyers with ready cash to acquire homes at affordable and long-term mortgage rates.
Kabaka’s estate in Sentema is a secure, gated housing community for anyone looking for affordable one, two or three bedroom houses in an organized neighbourhood.
One bedroom goes for Shs58 million, Shs95 million for a bedrooms and Shs135 million for a three bedroom. Homes come with services such as water, electricity, security, all superintended by the estate management.
The partnership between Buganda Land Board, Guoji Group, a Chinese developer, and Housing Finance Bank was signed to ensure that housing units are acquired fast with an additional advantage for the owners to pay their mortgages to up to 10 years.
Guoji Group managing director Windy Sheng said the experience of developing Mirembe Villas in Kigo had given them understanding for the customers who demand for affordable housing. She said Sentema estate is as well going to be luxurious, and affordable, despite targeting customers in the low income bracket.
Kabaka’s estate Sentema is only 30km from Kampala city centre. You can connect to this estate from Hoima Road off northern bypass.
The project consists of a 444 housing estate on a 50-acre piece of land and fully furnished with a vocational school, an industrial park, health facilities, restaurants, shopping mall and recreational centers.
According to House Financing Bank Managing Director, Michael Mugabi, the bank would provide up to 95 per cent credit of the price of the property at an annual interest rate of 17 per cent per annum, capped at a repayment period of up to 10 years.
“This partnership with Buganda Kingdom will go a long way in ensuring that we continue to offer Ugandans tailor-made solutions to suit their ever-changing needs,” he said.
Mr Mugabi further noted the bank is cognizant of the fact that affordability is a very critical component in ensuring that housing deficit is addressed.
Just like Housing Finance Bank, Centenary Bank in March,2021 also joined the Sentema Housing Project by signing a partnership with Buganda Land Board.
Speaking during the MoU signing ceremony, Beatrice Lugalambi of Centenary bank pledged that they will offer low interest 10-year mortgage loans to all those who wish to acquire the houses. She said that they joined the partnership because it is inline with their aspirations as a financial institution to help people live decently.
Wendy Shen, of Gouji Company applauded the support from Buganda Land Board, and Centenary bank for joining hands in ensuring the construction of Mirembe- Sentema housing estate with affordable housing units.
She said that the fair price in addition to the the financial support from Housing Finance and Centenary bank will make it easy for clients afford the houses.
On his part, the Katikkiro of Buganda Charles Peter Mayiga said, “We believe that this MoU will help people overcome the financial stress of building quality houses. BLB will provide one with a land title which will be taken to the bank to enable them get a housing mortgage to acquire a house from Guoji.”
Over 80 houses have been sold so far, and another round of 100 home units are going to be standing in the next couple of months.
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