M a r k e t N e w s

Tanzania: Mortgage Facility Provided Loans Worth 4.5 Billion in 2016/17

Posted on : Monday, 9th January 2017

National Mortgage facility for civil servants has provided loans to 391 workers from various ministries and local government authorities worth 4.5bn/- during the 2016/17 fiscal year.

 
This was said in Dar es Salaam yesterday by the Director for Housing Section in the Ministry of Lands, Housing and Human settlement Development, Michael Mwalukasa, while speaking to journalists on the progress made by the facility. He said since the facility was established to date - 2,040 civil servants were facilitated among the 3,900 applications they have received.
 
Expounding further, he said when the facility was established, their aim was to provide loans to 500 public servants each year on average of 3mil/- in each loan.
 
"To date the facility has provided loans to 2,040 public servant equals to 10.8bn/- in average of 100 servants each year.
 
The total cost of funds provided is 12bn/-," he noted. Mr Mwalukasa said the facility has enabled government officials to get houses in legally accepted areas.
 
"The facility to a greater extent has prompted housing development in various districts and cities, the highest amount of loans provided is 20mil/- given in two phases with regard to the aim of acquiring it," he said

Source : allafrica.com
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