First Housing Company Tanzania Limited

First Housing Finance (Tanzania) Limited, is a mortgage bank in Tanzania. It is licensed by the Bank of Tanzania, the country's central bank and national banking regulator, to engage in mortgage lending. It is Tanzania's first dedicated mortgage lender.[1]

First Housing Finance (Tanzania) Limited
IndustryFinancial Services
Founded2017
HeadquartersDar es Salaam, Tanzania
Key people
Omar Msangi
Chief Executive Officer
ProductsMortgages
Total assetsUS$10 million (TZS:21.8 billion) (Q3:2017)

Location

The headquarters of the mortgage lender are located in Dar es Salaam, the business center and largest city in Tanzania.[2]

Overview

The bank is a greenfield start-up that received a banking license from the Bank of Tanzania in July 2017. The establishment of the bank is a joint effort by Azania Bank Limited, a commercial bank in Tanzania together with two deep-pocketed private Tanzanian investors and two international corporations, the International Finance Corporation and India's mortgage conglomerate, Housing Development Finance Corporation Limited.[3]

The new lender plans to start with four mortgage products (a) home purchase loans (b) home improvement loans (c) home expansion mortgages. The financial products will be amortized for up to twenty five years.[3]

Shareholding

The bank's stock is privately owned by the following individuals and corporate entities:[3]

First Housing Company Tanzania Limited Stock Ownership
RankName of OwnerPercentage Ownership
1Azania Bank Limited
40.0
2Housing Development Finance Corporation of India
15.0
3International Finance Corporation
15.0
4Sanjay Suchak of Tanzania
15.0
5Karimjee Family of Tanzania
15.0
Total
100.00

See also

References
  1. Mirondo, Rosemary (11 August 2017). "Bank of Tanzania licenses new mortgage finance company". Dar es Salaam: Asokoinsight.com Quoting The Citizen. Retrieved 25 October 2017.
  2. Citizen Reporter (22 October 2017). "Tanzania's First Mortgage Finance Company Starts Operations". The Citizen via AllAfrica.com. Dar es Salaam. Retrieved 25 October 2017.
  3. Daily News Staff (23 October 2017). "Tanzania: Dar Gets New Lender in Housing Finance Market". Tanzania Daily News via AllAfrica.com. Dar es Salaam. Retrieved 25 October 2017.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.