Stanbic Bank has launched a partnership with the Buganda Land Board to provide an affordable financing solution to enable bibanja holders acquire land titles.
The solution dubbed Kyapa Loans is aimed at simplifying land title acquisition by bibanja holders whose land has already been surveyed by the Buganda Land Board but lacked the resources to pay for their land titles.
The funds granted by the bank under this scheme primarily enable one to acquire their lease hold title but can still get more funds as equity release or fund house completion/renovation. The solution is available to both salaried and self-employed (business) customers and grants repayment periods of up to 24 months at the best interest rates in the market with the entire loan acquisition process not longer than 48 hours.
Addressing the press at the Stanbic Head offices, Stanbic Bank’s Chief Executive, Patrick Mweheire said, “Our partnership with the Buganda land board is a significant step that will enable Ugandan’s realize their dreams through asset acquisition. Our preposition will allow tenants on Buganda Kingdom land to get proper leasehold titles which will allow them to further access additional funding from the bank when used as collateral.”
The Stanbic Home Loans Manager, Jackson Emanzi says “Under this arrangement, the bibanja holders will approach the Buganda Land Board’s Lease Access Financing initiative (LAFI) offices to survey and authenticate their land. After which they will be issued with Letter of recommendation to the bank and invoice of total cost which is presented to the bank for financing.”