More affordable housing needed

A local commercial bank, on Wednesday, unveiled a new mortgage facility that will enable Rwandans access financing for homes. According to the Minister of Finance, the country needs between 20,000 and 25,000 residential houses every year. Yet, only 300 are provided. Owning a home is arguably everyone’s dream. However, affording one is no easy feat. While most mortgage facilities have tended to target customers in the high income bracket, who are in most cases capable of owning their own, the middle and low income earners struggle to buy homes. It high time, property developers and mortgage providers seriously considered middle and low income earners.Over the last few years, the country has achieved a sustained economic and social development. The standards of living have improved and the overall lifespan has gone up. Rwandans today, more than ever, are able to work and earn money, thanks to the government’s visionary leadership. Such progress should give property developers and mortgage financiers the confidence to invest in homes. With affordable mortgage payment terms and favorable interest rates and, real estate development would benefit both the investors and ordinary people who want to own property. Ends

Opinions

More affordable housing needed