BANK, REAL ESTATE FIRM PARTNER ON MORTGAGE FINANCING "Credit News 24"
CPS Live Limited is currently constructing modern houses at Fumba costal village in Zanzibar. Speaking during a press conference, the PBZ’s managing director, Mr Juma Ameir Hafidh and his CPS counterpart, Mr Sebastian Dietzold told journalists that the project aims at enabling bank employees and customers to live and own modern houses while paying gradually.
“We are doing this to enable people to live in a better place while paying gradually,” said Mr Hafidh. The CPS boss, Mr Dietzold said at least 80 per cent of houses that were built in the first phase at Fumba has been sold.
He said most of the buyers are Tanzanians who live abroad and those in Zanzibar. He said the project aims at transforming Zanzibar by building modern houses that are affordable to many through morgage system.
“We expect a 15 to 20 per cent return on rentals and a capital appreciation. Prices start at around 100m/- (45,900 US dollar) for a two-bedroom villa, but under mortgage plan, any person with an account with PBZ can pay 15,000 (7 US dollar) daily for fifteen years to own a house,” he said.
Last month, Zanzibar President, Dr Ali Mohamed Shein visited the project and urged wananchi to own houses through mortgage system. A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.
Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. The ‘CPS Live’ was established in 2004 in Germany and moved to Zanzibar in 2011.
The company has been constructing Houses at the site under the name ‘Fumba Town Development (FTD)’, in response to the government call on locals and foreigners to invest in industries including Housing.
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