Housing Finance Bank – A solution to Diaspora investment
Michael Karokora Mugabi, Managing Director at Housing Finance Bank (HFB) will be leading a team from his bank to the Uganda Convention on the 10th Sept in London. Applicants will be able to apply for Home Mortgage Loan of up to 80% of the purchase amount, apply for Land Purchase loan, Residential Multi Units Purchase/ Construction, a Growing House loan and Kyaapa loan. Ugandans will also be able to register for Accounts in Uganda shillings, US Dollars, British pounds, Euros, South African rand and Kenyan shillings.
Ugandans who wish to invest back home, buy a house, transfer funds to relatives or save for their children’s education will have the opportunity to become a client of Housing Finance Bank
Ugandans can transfer funds worldwide from host country straight to their bank account using a variety of wire systems such as Western Union, Moneygram, Telegraphic Transfers (US) and HFB Mobile.
- For only $50, Ugandans will be able to open a USD Classic Savings account and enjoy inexpensive banking services including access to free online statements.
- Apply for a purchase or construction mortgage for residential or commercial property and enjoy preferential rates.
- Through Housing Finance Bank investments and custodial services, people can operate a fixed deposit account, apply for a CDS account, invest in treasury bills & bonds and benefit from free investment advisory services.
Recently, the Housing Finance Bank vowed to close Uganda’s housing gap. Uganda’s housing deficit that currently stands at two million units continues to grow by 300,000 units per year. According to housing experts, this means concerted efforts are needed to close the housing gap and provide reasonably priced housing solutions to the people. This is also a good move for those residing in the Diaspora to be able to take advantage of affordable mortgage schemes provided by the bank. Housing Finance bank has recently signed a memorandum of understanding (MoU) with a local developer to increase the supply of affordable homes in the market and increase the uptake of mortgages.
Ugandan law now recognizes the ownership of condominium and owners can acquire land titles just like in developed countries.