A delegation of Kenya Commercial Bank Group developers club is in the country as part of the lender’s efforts to address a crippling housing shortage in the country and region.According to Maurice Toroitich, KCB Rwanda’s Managing Director, the 30 member delegation from Uganda, is in the country for a fact finding mission to explore opportunities to partner with local developers to bridge the gap in the real estate sector.The Developers club was launched in 2009 with the aim of assisting developers to sell their units through KCB’s network and corporate partners.Toroitich said the Rwandan subsidiary is set to launch a similar club this year. KCB Rwanda launched its mortgage product last year by offering a minimum of 10 per cent deposit for first time home owners, a minimum 20 per cent deposit for residential units under construction and 30 per cent deposit for non residential commercial properties.However, early this year, the lender partnered with SORAS to offer mortgage to low income earners of units below Rwf40 million.Toroitich said the lender has attracted few applicants in the latter category saying the developers club tour would stimulate efforts to supply the required housing units.The delegation is scheduled to visit low cost housing projects to learn about challenges facing African countries with a growing middle class who lack affordable housing either for outright purchase or mortgage purposes.“They will also have the opportunity to meet (local) stakeholders in the sector and get to understand the government’s agenda on real estate development,” Toroitich said.Rwanda has a shortage of almost 24,500 housing units per year.
