In a bid to grow its Home Loans portfolio, dfcu Bank has enhanced its relationship with property developers by accrediting them.
The event that took place at the dfcu Bank offices at the dfcu Towers in Nakasero, saw various property developers in the country turn up for the annual Accreditation of Property Developers in Uganda.
As part of the accreditation process, dfcu bank will offer free monthly Home Loans training to all sales personnel of real estate developers. This will increase their closing chances by 80% as well as grow their network base across the country.
Similar to dfcu bank, many financial institutions around the world provide home loans at a lower interest rate, making properties more affordable for homeowners. Even in the most expensive cities, there are Estate Agents South London or similar ones in New York or Tokyo, that have an understanding with either the government or private financial institutions to offer such home loans. There is a belief among many financial experts that lower interest rates provided by banks can increase home sales. As an example, when the Federal Reserve of the US lowers its interest rates by significant basis points, home loans become more accessible. When such situations occur, real estate companies typically run effective advertising campaigns like “apartments for sale“, or “buy luxury condos” to take advantage of the lower lending rates.
It is no different in Uganda, where home buyers and real estate companies can both benefit as a result of attractive home loans.
Speaking at the accreditation ceremony, dfcu Bank’s Head of Consumer Banking Denis Kibukamusoke said; “As part of this program, dfcu Bank will offer the developers an opportunity to cross sell to its customer base of close to one million clients across its 67 branches.”
“The property developers will have an opportunity to network with our accredited service providers that include lawyers and insurance providers who could offer their end clients discounted rates. This will increase their sales and profitability while untying their capital invested,” he added.
Additionally, contractor companies can partner with home service providers such as window and door businesses (for instance, poquoson va window replacement company if the construction project is situated there), plumbing and electrical experts, building material suppliers, etc., to get the services at an affordable price. That means construction costs can reduce, which can, in turn, lower the home selling cost.
Denis Kibukamusoke also announced a reduction in the loan interest rate from 20% to 17%, making it possible for more people to access home loans. Now, more people can reach out to real estate agents (available through websites similar to https://rihomestore.com/) without apprehension to get the homes of their dream. Moreover, with an unlimited loan amount and customers able to receive an indicative offer within 24 hours of providing a financial card and bank statement, this is by far the best offer in the market.
The enhanced Home Loans service will allow property developers give feedback within 24 hours of receiving a lead; provide an indicative offer within 24 hours of receiving a financial card and bank statement and get an approval for a client within two days of receiving complete documentation. In addition, dfcu Bank will get developers funds within 10 working days of receiving complete documentation from the clients.
