Convention 2018

15/08/2018

PROVIDING AFFORDABLE HOUSING SOLUTIONS TO UGANDANS IN THE DIASPORA

Housing Finance Bank is the leading mortgage lender in Uganda, providing housing and housing finance solutions to Ugandans for the last 50 years.

The Bank has for the last 50 years worked to fulfill its mission of providing efficient, innovative and market-led housing and financial services to all, Ugandans within and in the diaspora.

Like the famous English adage goes, “East, West, Home Is Always Best,” many of our fellow Ugandans living and working in the diaspora still remain a huge part of us. To many, the festive season presents the right opportunity to come back home in Uganda and start investment projects like land purchase, construction and other business ventures. In the quest to achieve all the above, a good number of them either hustle out completely to get a good service or meet poor quality work done because they are not on ground to do the supervision themselves while away.

 

Therefore, as we pride in being the only indigenous bank, we believe every Ugandan regardless of where they are is entitled to a service and we shall continue to be the bank that links you to that service back home.

 

The good news from Housing Finance Bank to all Ugandans living and working in the diaspora is that it is possible to invest in real estate back home with no hustle. At Housing Finance Bank, we have continuously played a catalytic role where efforts have been made to bring together all major stakeholders in the housing value-chain, from developers, financers, property managers, hardware gurus and building material experts, to the customers/end-users. Housing Finance Bank is deliberate on how to improve the housing finance sector in Uganda.

Therefore, one can be able to invest in real estate, in Uganda even while living in the diaspora through the following ways:

 

  1. Utilizing the available wide range of mortgage products and solutions to meet one’s needs: Housing Finance Bank has a bouquet of mortgage products and solutions to meet a range of needs. Whether it is to purchase, construct, complete, renovate or use one’s property to unlock equity to invest elsewhere, the financing solutions are available at flexible repayment terms, attractive interest rates and maximum loan tenure of up to 20 years. Housing Finance Bank finances both residential and commercial properties like rental apartments, hostels, schools, hotels among others. This therefore can make it easy for one living in the diaspora to invest and manage their investments easily.
  2. Access to mortgage financing that makes it possible to purchase or construct your property in record time: Housing Finance Bank is currently the leading Bank that offers up to 100% financing on mortgages. The Bank has made extra effort to provide value proposition to both the middle and low income earners thus, open avenues to affordable housing for all. One can access any of our mortgage solutions without necessarily traveling to Ugandan as long as they hold an account with Housing Finance Bank.
  1. Access to a rich market place featuring our key partnerships with developers: Housing Finance Bank is working with different players in the market to increase the supply of affordable houses in Uganda. Once a partner is accredited by Housing Finance Bank, all that one has to do as a diaspora customer is to choose the property they are interested in, negotiate with the developer to agree on the purchase price and the Bank will pay the developer directly for one to own that property.

Furthermore, to deal with all the questions on where to find property if one is interested in buying it; one can locate the property on their own or use property agents. In addition, Housing Finance bank has a working relationship with some real estate developers and land sellers like National Housing and Construction Company, Pearl Estates, Royal Palm, Canaansites, Universal Multipurpose Construction Company, Mirembe Villas, Greentop Villas and many more who have units / land available for sale from time to time. Please visit our website at www.housingfinance.co.ug for all the above contacts.

 

One key question often asked is “how does one begin the application process in case they have identified a house they need to purchase?”

 

In response to the question above, one is required to negotiate a price with the seller, get a copy of title, photos of the property and have the initial discussion with a Housing Finance Bank official for the initial screening, to ascertain that they qualify before one commits any funds to the vendor. Once this is done, one will then be required to submit the detailed requirements to the Bank for the whole process to be concluded.

 

So while away in the diaspora, how does one process and submit the mortgage application, loan documents and sign the mortgage deeds?

 

To achieve this, one can utilize Housing Finance Bank’s available options for customers who already hold accounts with the Bank, depending on the customer’s convenience:

 

  1. The customer can visit the Bank physically and fill in mortgage application forms and submit supporting documentation. After submitting the supporting documentation, they can then appoint an attorney for purposes of signing the loan/mortgage documentation on their behalf. The authority of the attorney will normally include, transacting on the account for purposes of paying vendors (in purchase cases), purchase of materials and managing constructions (in construction) cases. The power of attorney executed would determine the extent of authority depending on the circumstances of each case. Where such instructions are given, the customer does not need to visit the Bank and funds will be disbursed upon execution of documents by the attorney and completion of other related processes.

 

  1. Customers who have accounts with the Bank can also fill loan/mortgage application forms from abroad and then courier the documents to the Bank along with supporting documents. In this case, the application forms would have to be witnessed by a Notary Public. At this point, customers may again appoint attorneys and the instrument of appointment would still have to be witnessed by a Notary Public. If no attorney was appointed, the customer will need to come physically to the Bank to sign the loan /mortgage documents upon approval of the facility. Note that where an attorney for this purpose was appointed, the customer may not need to visit the Bank in person. The funds will be drawn down upon execution of loan/mortgage documents by the customer or their attorney and completion of other related processes.

 

Finally, “What happens to one’s title once they have paid off the loan but are still out of the country?”

 

Once one has fully paid off their loan, the Bank will release to them a copy of their title which was submitted to the Bank, together with a release of mortgage document. The Bank may not release the above documents to third parties except where the individual owner’s authorization was given physically at any of our offices at an earlier date.

 

To all our Diaspora customers please come and engage with us at the 8th Uk- Ugandan Investment Convention which will take place on September 15  2018 at the London Troxy, where we shall be holding a business forum and investment expo, to ensure that we guide you through to the journey of acquiring your dream home!






 
Latest Feeds
 
 

 

African diaspora returns ‘home’ to claim its place at the top of the pile

The continent may be rising but don’t fool yourself that going back will help anyone other than yourself
by wmutenza
0

 
 

Four Tips For Launching A Business In Africa

Despite Africa’s rapidly growing middle class and steadily rising spending power, more than half the population in 46 African countries is considered  multidimensionally poor , meaning those people experience multiple la...
by wmutenza
0

 
 

Leadership lessons from Africa’s trailblazers

By Mutsa Chironga, Georges Desvaux, and Acha Leke How five leaders are seizing opportunities and overcoming challenges to build successful organizations in—and a brighter future for—the nations of Africa. Africa offers grow...
by wmutenza
0

 

 

Three imperatives for winning in Africa: An interview with Coca-Cola’s former president of Africa

Alexander Cummings discusses the continent’s potential and ways companies can establish a presence there by partnering for development and building local relevance. Coca-Cola has had a presence in Africa since 1928, when th...
by wmutenza
0

 
 

Over 46,556 employees, interns skilled under Skills Development Facility (SDF) in 2.5 years

KAMPALA, UGANDA- The Government of Uganda received credit from the World Bank towards the implementation of the Uganda Competitive Fund for employer-led shortterm training (Uganda Skills Development Fund –USDF).  The Ski...
by wmutenza
0

 

 

How Okiror is reaping millions as an agricultural agent

By Esther Oluka Esther Ruth Okiror did not go very far in her education. She dropped out of Kangole Girls Senior Secondary School, Moroto District, in first term of Senior Three, at the age of 17 years. This was in 1981. “I f...
by wmutenza
0

 
 

First fully digital bank launched in Uganda

By MARTIN LUTHER OKETCH KAMPALA. Standard Chartered Bank has launched Uganda’s first fully digital bank. Uganda becomes the second country in Africa, after Côte d’Ivoire to get a fully digital banking system. The system, w...
by wmutenza
0

 

 

Why it pays to keep your firm small

By Business Daily Bigger is better. We grow up with such a mentality. We have an evolutionary bias to favour bigger objects. We prefer taller people, we want the biggest car and the grandest house, and we desire larger institut...
by wmutenza
0

 
 

Central Scotland’s First Rum Distillery to Launch Crowdfunding Campaign in Response to Demand

Following overwhelming response to the launch of Central Scotland’s first rum distillery, Matugga Distillers is launching a £30K crowdfunding campaign.   Since the opening of the distillery in October, husband and wife ...
by wmutenza
0

 
 

THE IMPORTANCE AND RELEVANCE OF FRUGAL INNOVATION IN UGANDA

, Lecturer in Marketing School of Business, University of Leicester Exploring the nature and prospects of frugal innovation in Uganda and what are the opportunities that exist to foster frugal innovations in Uganda.   Dr W...
by wmutenza
0

 

 

Hon. Amongi Betty Ongom (MP), Minister of Lands on policies, legal frame work…

The Minister gave an overview of the housing sector in Uganda. She appreciated the fact that this year’s convention attracted a number of development companies from Uganda including Jakana heights, Roofings Ltd Uganda, Comfor...
by wmutenza
0

 
 

Lessons learned from the Uganda-UK Convention | Ade Daramy

By Ade Daramy, Writer, Broadcaster and Press Officer Is one question I will always get asked at least one question: “You’re not a Ugandan, and yet, you are here every year, why is that?”.   Ove the years, my answers ...
by wmutenza
0

 

 

Message from Vice Chairman, Uganda-UK Convention – Bernard R. Magulu

By Bernard R. Magulu, Executive Director, Bank of Africa (Uganda), (Vice Chairman, Uganda Convention UK) “Uganda the Land of Opportunities, Landlocked but Road Linked” the 360% Geographical Orientation for Investors providi...
by wmutenza
0

 
 

Examining free trade agreements (FTAs) and boosting intra-regional trade

Examining free trade agreements (FTAs) and boosting intra-regional trade Nicholas Tate, Managing Director, Tate Freight Forms Ltd. www.just-trade.co.uk In considering the positives and negatives of key agreements, are trade blo...
by wmutenza
0

 

 

Harnessing the potential of the youth to accelerate economic growth.

Presentation: Dennis Aguma, Lecturer, Kingston University, London Doctoral Student (PhD Entrepreneurship) Birmingham City University. In light of Uganda’s demographics, Dennis Aguma’s presentation was intended to challenge...
by wmutenza
0

 



0 Comments


Be the first to comment!


You must be logged in to post a comment.


The Latest