The government is working hard to ensure Rwandans access affordable and decent housing. That’s one of the key components that the Bank of Kigali prioritises while development its product so that customers can get affordable funding to buy or build their dream home.
Business Times Solomon Asaba caught up with Moffat Mwangi, the Head of Consumer Banking and Product Development, for a brief insight into the bank’s mortgage financing.
Tell us about the mortgage products Bank of Kigali has for customers?
We cater for different customer needs - those who want loans to buy houses; those who would like to construct their own houses, or those who want to renovate their old houses - can all be financed under our mortgage finance which are payable for a maximum of 15 years.
What steps does one follow to secure a mortgage?
If one is interested in outright purchase of a home, you identify the property and get a valuation for that particular property. For this type of financing, the borrower also makes some contribution towards the house purchase.