DTB launches home loans as housing shortage grows

A Ugandan commercial bank has launched a mortgage scheme aimed at helping more people buy homes, in a country where an estimated 2.4 million homes are needed. Diamond Trust Bank (DTB) Uganda said it would lend to property developers building housing estates, and would also offer home loans to individual buyers and to employers wanting to help their staff onto the property ladder. Uganda’s housing shortage has been driven by one of the fastest urbanisation rates in East Africa. The country needs between 210,000 and 300,000 new homes each year, and the shortfall is projected to approach three million by 2030. “Through structured mortgage financing, we are committed to empowering developers to build with confidence while creating a pathway for individuals and corporate employees to own homes,” said Godfrey Ssebaana, DTB Uganda’s managing director.