Housing Finance Bank has launched an initiative to bring its banking and housing finance services closer to residents and businesses in Kira Municipality. The "HFB in Your Neighbourhood" initiative aims to provide financing options for homeownership, property investment, and business growth. Over 100 people attended the engagement, which allowed residents to learn about available financial services without having to travel to the bank's branches or head office.
The initiative was led by Lilian Nabisere, a Relationship Manager for Home Loans in the bank's Mortgage and Consumer Banking department. Nabisere stated that the bank's goal is to bridge the information gap between financial institutions and communities that may not fully understand the financing options available to them. The bank's mandate is to finance a sustainable future for all, and it wants to ensure that the people it serves understand its purpose and how it can support their financial goals.
The engagement provided residents with information on various financing options, including home loans, incremental housing loans, and conventional mortgage financing. The bank's incremental housing loan product, Zimba Mpola Mpola, allows customers to construct their homes in phases according to their financial capacity. This product caters to different income earners, including those with irregular incomes, and can support customers from land acquisition through construction.
David Mukasa, a hardware shop owner in Mulawa, attended the engagement and found the information on Zimba Mpola Mpola to be particularly useful. Mukasa stated that the product would allow him to build his family's house stage-by-stage without putting overwhelming strain on his daily business cash flow. This made owning a home feel achievable for him.
In addition to housing finance, the bank introduced residents to its Kiri Too Easy service, which allows customers to initiate the process of opening an account using their mobile phones. Sarah Namubiru, a boutique owner in Nsasa, found this service to be convenient, as it allowed her to begin the account-opening process without having to visit a branch.
The bank's initiative also highlighted its conventional mortgage financing options, which allow eligible borrowers to access home purchase financing of up to 80 per cent of a property's value. The bank also offers financing for the acquisition of residential, commercial, and agricultural land, as well as equity release facilities that allow eligible property owners to borrow against existing property to fund other investments.
Housing Finance Bank plans to extend the "HFB in Your Neighbourhood" initiative to other communities as it seeks to improve awareness of its banking services and housing finance products. The bank aims to help individuals, families, and business owners understand their financing options and identify solutions that match their financial circumstances and long-term goals.
Key points
- Housing Finance Bank's initiative provides financing options for homeownership, property investment, and business growth to residents and businesses in Kira Municipality.
