Exim Bank Tanzania Retail Officer Ms Helen Moka (left) explains to customers on the features of home loan products offered by the bank, during the DarPropertyExpo Exhibition held at Diamond Jubilee Hall in Dar es Salaam over the weekend.
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In an effort to support mortgage finance in the country, Exim Bank Tanzania has embarked on a program to showcase its "NYUMBA YANGU" product in various exhibitions.
In an effort to support mortgage finance in the country, Exim Bank Tanzania has embarked on a program to showcase its "NYUMBA YANGU" product in various exhibitions.
The awareness campaign aims at ensuring that many individuals get to understand the benefits of home loans to the county’s economic growth.
Speaking during the DarPropertyExpo Exhibition held at Diamond Jubilee Hall in Dar es Salaam at recently, Exim Bank Tanzania Retail Officer Ms Helen Moka said her bank supports government’s efforts to help its citizens own homes in a stress free environment.
She said the "Nyumba Yangu" product is an individual long term home loan scheme whereby Exim Bank provides home loans of up to 80% of the cost towards purchase of a residential property either from the National Housing Corporation (NHC) or from other companies.
Some of the main features are;
- Minimum loan amount - TZS 30,000,000 (Thirty million Tanzania shillings).
- Maximum loan amount - TZS 350,000,000(Three hundred and fifty million Tanzania shillings).
- Maximum loan repayment period - 180 months.
- Applicant's age should be between 21 and 58 years.
- In case of insufficient net income, joint income (with the applicants spouses' consent) is permissible.
- The property and life of the applicant must be insured.
- Property valuation has to be done by Exim Bank's approved valuers.
- The monthly loan installment should not exceed 50% of the applicant's net income.
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