CRDB, Zanzibar Housing Corporation ink home loans deal

Dar es Salaam. CRDB Bank Plc has entered into a partnership with the Zanzibar Housing Corporation (ZHC) to provide home loans of up to Sh1 billion to various customer groups.

According to a joint statement by the two institutions, the groups include employees of organisations or institutions, members of pension funds, self-employed entrepreneurs in various economic activities, Tanzanians living abroad (the diaspora), and Tanzanians residing outside the country who own passports from other nations.

CRDB’s bank head of consumer banking, Mr Stephen Adili, said the bank is among the top mortgage lenders in Tanzania, with over Sh197.7 billion worth of loans being issued out of Sh593.76 billion issued by financial institutions.

He stressed that the bank will continue to collaborate with ZHC, commending the organisation for its work in improving housing conditions in Zanzibar.

”We, as a bank, join the President of Zanzibar, Dr Hussein Ali Mwinyi’s efforts to ensure that the people of Zanzibar own affordable and quality houses,” he said.

The managing director of Zanzibar Housing Corporation (ZHC), Ms Mwanaisha Ali Said, said the agreement would enable them to efficiently complete the houses that are being developed.

She said the opportunity would allow them to work on new projects using various payment methods, such as cash payments, installment payments, and loans.

Ms Said assured that the agreement would impact all upcoming projects after Mombasa, including the planned construction in Nyamanzi.

Earlier, the regional manager of CRDB’s Zanzibar, Mr Abdalla Duchi, said the bank would continue to work with the government and various institutions to ensure that citizens receive developmental services through the bank.