KAMPALA, Uganda — Stanbic Bank Uganda has launched a new mortgage solution offering preapproved financing up to 500 million Ugandan shillings, aiming to break down barriers to homeownership for working-class Ugandans.
The country’s largest commercial lender announced the initiative as a move toward making homeownership more accessible amid high construction costs, interest rates, and complex application processes that have kept many lower-middle-class earners out of the housing market.
Damalie Kairumba, Head of Mortgage Finance at Stanbic Bank, stated the preapproved model targets existing clients who receive their salary or income through the bank. By leveraging customer banking history and KYC data, the bank can automate loan prequalification, eliminating traditional paperwork and delays.
“Homeownership should not be a privilege for a few—it should be an achievable milestone for every Ugandan who works hard and earns a stable income,” Kairumba said. “Through this innovation, we are removing the hurdles. If you already bank with us, receive your salary or income through our systems, we can now tell you how much home financing you qualify for.”
Eligible customers can use the funds for various purposes, including buying land or completed property, home construction, refinancing existing loans, and acquiring land titles.
Israel Arinaitwe, Head of Personal Banking at Stanbic, emphasized the initiative’s aim to simplify a traditionally complex process. “By flipping the script—prequalifying our customers and putting the power in their hands—we’re making the process accessible, efficient, and dignified,” he said.
According to the Uganda Bureau of Statistics, Uganda faces a housing deficit of over 2.4 million units, projected to reach 3 million by 2030. Stanbic’s new offering includes interest rates as low as 16.5% for Ugandan shillings and 9% for U.S. dollars, with loan amounts up to 3.7 billion shillings (USD 1 million) and repayment periods up to 25 years.
Stanbic has also partnered with real estate developers to streamline the homeownership process for customers. Muffaddal Yeolawala of Universal Multipurpose Enterprises Limited noted the collaboration helps “make dreams come true,” while Sylvia Alal of Pearl Marina Estates Ltd said the financial innovation empowers buyers to invest in long-term homes.
Once a prequalified customer identifies a property, a valuation is conducted by a Stanbic-approved valuer. The mortgage registration and fund disbursement can take as little as 10 working days, depending on the customer’s readiness. The offering will also be rolled out on Stanbic’s digital platforms.
Arinaitwe stated the initiative aligns with the bank’s broader goal of driving inclusive and sustainable growth in Uganda. “We believe that transforming lives starts with improving where people live,” he said. “This solution is not just about financing homes—it’s about restoring dignity, building generational wealth, and shaping a more equitable future for Uganda.”
