Prices for apartments at the plush Vision City estate in Kigali’s upscale neighborhood of Gaculiro have dropped by 60 percent exclusively for public servants who seek to own their first homes and are at a grade not above the head of department or equivalent.
The development was announced Monday by the Rwanda Development Board and Ultimate Developers Ltd (UDL),
UDL is a real estate company fully owned by the Rwanda Social Security Board (RSSB). The company developed the Vision City housing project.
Eligible public servants will be able to buy a two, three or four-bedroom apartment at the estate at a subsidized price.
Under this arrangement, a 2-bedroom apartment will be sold at Rwf 63,000,000, down from the standard price of Rwf108 million (about $125,300).
An apartment of three bedrooms, which normally goes for Rwf163 million (about $188,300) will go for Rwf 94,000,000 in case the buyer is an eligible civil servant.
A 4-bedroom apartment, that ordinarily goes for Rwf187 million (about $215,600), will cost a public servant Rwf 108,000,000.
For those seeking to take a loan to buy a home at the estate, banks shall give a loan at 11 percent repayable over a period of 20 years, according to the announcement. It adds that the equity contribution of 10 percent normally required by local commercial banks for a normal mortgage loan will be optional.
Those who will fully rely on the bank loan 100 percent will pay a little more when it comes to servicing their mortgage compared to those who will make a personal contribution of 10 percent toward the cost.
Applications for the housing units shall be open between October 16-31, 2018, according to UDL and RDB.
Explaining the rationale behind the offer, the Head of Communication at RDB, Sanny Ntayombya, said that it will help public servants remain stable at their jobs as they will have a home at a relatively reasonable price.
“It’s a way of retaining talent for the Government as well as assisting young civil servants in purchasing their first homes. It’s about those who don’t have a home to buy their first home at rates that are manageable,” he told The New Times.
Application forms will be downloaded from a link on RDB website (http://rdb.rw/vision-city/). Selection and verification of eligible applicants is due to take place November 1-21, 2018.
The announcement said that feedback to the successful applicants shall be made by end of next month.
Source: The New times
