Stanbic Bank Uganda has today partnered with the Buganda Land Board to launch a solution dubbed Kyapa Loans – aimed at simplifying land title acquisition by bibanja (debt) holders whose land has already been surveyed by the Buganda Land Board but lacked the resources to pay for their land titles.
Stanbic Bank Uganda’s Chief Executive, Patrick Mweheire while addressing the press at their head offices, he said their partnership with the Buganda land board is a significant step that will enable Ugandan’s realize their dreams through asset acquisition.
“Our preposition will allow tenants on Buganda Kingdom land to get proper leasehold titles which will allow them to further access additional funding from the bank when used as collateral,” said Patrick.
Mweheire explained saying owning a home is a decision every Ugandan makes only once in their lifetime and that it should therefore be made affordable and accessible.
“There are only 10,000 mortgages in Uganda compared to Kenya’s 300,000. In fact from a Stanbic Bank perspective, our Non-Performing Loans ratio on mortgages is the lowest on our entire portfolio which basically means this customers are servicing their loans. In addition, when it comes to land ownership, Uganda has about 40.8 million land titles. It is products like Kyapa Loans that will boost land and home ownership in this country,” he said.
The product is targeting all bibanja (debt) holders who wish to add value to their land by acquiring land titles issued through the Government of Uganda.
The Stanbic Home Loans Manager, Jackson Emanzi affirmed Ugandans now have an opportunity to acquire land titles using an affordable land financing solution.
He said, “As a bank, we have now gone further down the ecosystem to accord those with residences on Kabaka’s land with the financing to allow them process land titles through our new partnership with Buganda Land Board.”
“Under this arrangement, the bibanja (debt) holders will approach the Buganda Land Board’s Lease Access Financing initiative (LAFI) offices to survey and authenticate their land. After which they will be issued with Letter of recommendation to the bank and invoice of total cost which is presented to the bank for financing.” Emanzi added.
The funds granted by the bank under this scheme primarily enable one to acquire their lease hold title but can still get more funds as equity release or fund house completion/renovation.
The solution is available to both salaried and self-employed (business) customers and grants repayment periods of up to 24 months at the best interest rates in the market with the entire loan acquisition process not longer than 48 hours.
The post Stanbic Bank Uganda Partners With Buganda Land Board to Finance Land Title Acquisition appeared first on PC Tech Magazine.
via: PC Tech Mag
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