BPR Bank Rwanda Plc, on November 1, 2022, signed an agreement with ADHI Rwanda to provide mortgage loans to clients that desire to purchase fully built affordable houses in "Bwiza Riverside home estate”.

Bwiza Riverside Homes, is a public-private partnership between a private investor, The ADHI Corporate Group and the Government of Rwanda.

The investor started by constructing 252 green units in the first phase set to be completed by the end of 2022.

With five phases, upon completion, the project will avail 2,270 affordable housing units in total.

Currently ADHI Rwanda is making advanced progress on Phase 1 of Bwiza Riverside Estate.

The light steel frame structures are up for a majority of the homes and the superstructures are being completed at incredible speed.

Currently a 2-bedroom house on 43 square metres at Bwiza Riverside home estate goes for Rwf21 million.

A 2-bedroom on 65 square metres goes for Rwf33.8 million while a 3-bedroom house on 90 square metres goes for Rwf40 million.

These new prices are a direct result of increased global fuel, construction materials costs and among other factors.

Due to market demand, ADHI Rwanda have also introduced a new house type called "RUBY”.

The 3-bedroom home on 72 square metres, with two bathrooms and one parking is priced at Rwf36.5 million.

"One of the challenges the country has is affordable and decent housing. We want our customers to own houses and we want to come in between as support. They cannot save money from their salaries, employment or small businesses to buy the houses.

So, we are the bridge. We give them the money to acquire the houses and they gradually pay us over many years. So, our mortgage products stretch up to 20 years. It is just you are paying the rent but you pay to own the home,” said George Odhiambo,The Managing Director of BPR Bank Rwanda Plc.

He commended ADHI Rwanda for the affordable housing project saying, "They have been investing their own money to deliver on projects. That is how serious they are. We have to support customers to buy those homes. They are decent houses with open spaces and access to roads, their maintenance is low cost and energy consumption is efficient.”

Odhiambo added that the partnership to provide mortgage loans will last as long as ADHI will be still constructing houses and can be improved any time.

"For our customers this is an opportunity that we have never heard before. They should take advantage of it and move to acquire ownership of those houses either for occupation or for investment because we are in an economy that allows people to acquire properties and rent them.

That is something that also matters to customers who are in Diaspora and in Rwanda. They have an opportunity to invest in housing,” he noted.

Soleiman Sadiya, the vice president of ADHI Rwanda lauded BPR Bank Rwanda Plc for the unique mortgage products to buy affordable houses where Rwandans can get such loans without down payment [an initial payment made when something is bought on credit].

"This is important because if the bank first asks to have 10 percent on account out of the amount of loan you need you can’t yet you do not have you can’t buy a house. BPR has addressed this issue as clients will immediately start to gradually pay mortgage as if it is rental,” she said emphasizing that this will allow many clients to buy affordable houses.

ADHI-Rwanda, in collaboration with the government of Rwanda, has projected to construct more than 8,000 homes in Kigali by 2026.