Stanbic Bank and the National Housing Corporation have partnered to provide affordable mortgage loans for customers to acquire accommodation.
Sydney Mpipi, Stanbic Bank’s chief operations officer, said the bank will cover 90% of the property financing with mortgage facilities of up to 20 years at an interest rate of 16%.
Joseph Kitamirike, the chief executive officer of National Housing, said the deal is expected to stimulate demand for better housing.
More properties in Kiwatule and Lubowa were under the Stanbic mortgage scheme, he added.
The deal was unveiled at the newly completed National Housing estate in Namungoona which has over 144 units.