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First Housing Company Tanzania Limited

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First Housing Finance (Tanzania) Limited
IndustryFinancial services
Founded2017
HeadquartersDar es Salaam, Tanzania
Key people
Sasa M. Chonza
Chief Executive Officer
ProductsMortgages
Total assetsTSh 21.8 billion (US$10 million) (Q3:2017)
Websitewww.firsthousing.co.tz

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]

Location

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

Overview

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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

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

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

See also

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References

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  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. ^ a b c 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.
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