Editor,

I read with keen interest a story appeared in The New Times, July, 10, under the headline "BCR targets low, middle income earners in new mortgage product”.Congratulations to Rwanda Commercial Bank (BCR) for having revamped its mortgage product to include low and middle income earners. This section of society is generally at a great disadvantage when it comes to obtaining a housing loan because of the 20 per cent margin that is normally required to be paid up front by the borrower.The interesting product announced by BCR enables low and middle income borrowers to access a low cost housing loan by paying just one per cent of the loan amount! The smart partnership with local insurer SORAS and Home Finance Gurantors Africa Reinsurance (HFGA) will enable BCR to purchase insurance cover for the balance of 19 per cent of the margin money which the borrower would normally have to pay to the bank.Such innovative products by BCR and other banks in Rwanda will facilitate the overall economic development of the country.Clarence Fernandes