KCB Tanzania set to introduce new mortgage service

May 05, 2011

KCB Tanzania is on track to launch a mortgage financing service in the country.

Speaking at a function in Dar es Salaam this week, Head of Marketing and Corporate Affairs at the institution Christine Manyenye said it is continuing with its plan to introduce the product, the Citizen reports.

It is hoped that the initiative will give more Tanzanians the opportunity to access long-term bank loans and build or purchase houses.

Ms Manyenye explained that the service, which will be called Nyumba yako, will include interest rates starting at 19 per cent depending on market factors.

"Everything is on the right track … we are determined to see the dream being realised before the end of this month," she added.

If the plans succeed, KCB Tanzania - which has 11 branches throughout the nation - will become the third commercial bank in the country to venture into the mortgage finance market.