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Tanzania: Dar Gets New Lender in Housing Finance Market

24.10.2017

 | Source:  Tanzania Daily News; All Africa

A new mortgage financing firm, First Housing Company Limited, has been launched bringing into the market new affordable innovative mortgage products.

The First Housing Finance Tanzania Ltd shareholder Mr. Conrad D'souza briefs reporters about the new lender in the mortgage finance market in Dar es Salaam over the weekend. It is the first dedicated Housing Finance Company in Tanzania promoted by Bank M in partnership with HDFC, IFC, Karimjee family and Sanjay Suchak. Mr. D'Souza is also a member of executive management and Chief Investor Relations Officer for HDFC. Others in the photo from left are Bank M Director Mr. Simon Gregory, Aris Group executive Chairman Mr. Sanjay Suchak, IFC Resident representative Mr. Dan Kasirye and Karimjee Jivanjee Director Mr. Mahmoud Karimjee. 

A new mortgage financing firm, First Housing Company Limited, has been launched bringing into the market new affordable innovative mortgage products.

The company's Chief Executive Officer Mr Omar Msangi said in Dar es Salaam at the weekend that it will start operations with four new mortgage products namely home purchase, improving an existing home, extending an existing home and financing the equity in a home.

"As pioneer in the housing finance market, the company is positioned to bring long term housing solutions to all Tanzanians having the fixed prime lending rate of 15 per cent which is the lowest rate for mortgages in the country," he said.

He said the company is the first housing finance company to be licenced by the Bank of Tanzania (BoT) on July and will provide mortgages with tenor up to 20 years.

With 40 per cent stake, Bank M Tanzania Limited has partnered with renowned international partners namely the International Finance Corporation (IFC), the private sector firm the World Bank (15 per cent) in setting up a greenfield mortgage finance bank, First Housing Company Limited. Read more on All Africa.

Source: All Africa