DTB Partners with Universal Enterprises to unlock home ownership financing

What the report says

Diamond Trust Bank Uganda (DTB) has entered into a partnership with Universal Multipurpose Enterprises Limited to widen access to mortgage financing for people looking to buy homes in Uganda. The arrangement was formalised through a memorandum of understanding signed on August 5 at DTB’s headquarters in Kampala, according to The Independent Uganda.

The companies said the collaboration is designed to create a more direct path to home ownership by linking property buyers with financing options. It is intended for individuals, families and investors, and comes against the backdrop of Uganda’s housing deficit, which the report says government data places at 2.4 million units. The article also notes that limited access to long-term credit remains a major obstacle for many households.

Universal Multipurpose Enterprises’ managing director, Muffaddal Yeolawala, said the company wants to support both Ugandans and foreigners in buying residential and commercial property. The firm, which has operated in Uganda since 2020, said it has sold 3,500 housing units so far. DTB managing director Godfrey Sebaana said the bank will provide mortgage support with repayment periods of up to 20 years and interest rates that may range from 16% to 20%, depending on the customer and lending conditions.

The report says properties covered under the arrangement are located in areas including Kololo, Nakasero, Kisasi, Ntinda, Naalya, Kajjansi and Mbuya. More broadly, the partnership reflects continued efforts by lenders and developers to address housing affordability and expand Uganda’s property market.