The Development Bank of Rwanda (BRD) has announced reforms that allow more people to own homes.
The bank said on Thursday that Rwandese who earn below $176 can access low-interest loans and own a house anywhere in the country.
‘’There are many people in this income bracket who can find affordable accommodation in different parts of the country because they work across Rwanda,'' says Emmanuel Ahabwe, coordinator of the Rwanda Housing Finance Project.
''So, we decided to remove the $176 minimum requirement and include households with lower incomes in the project," he added.
Prospective home owners have the options of purchasing an existing house or have one built for them without having to wait for investor-built property.
BRD made this announcement during a session with the Lower House's Committee on Land, Agriculture, Livestock, and Environment, which aimed to address challenges in the affordable housing programme.
Around 7,000 public servants had applied for mortgage loans to purchase houses but faced obstacles as some investors claimed they would not profit from constructing them, reported BRD.
