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Kampala, Uganda | THE INDEPENDENT | Diamond Trust Bank Uganda (DTB) has partnered with Universal Multipurpose Enterprises Limited to expand access to mortgage financing and increase opportunities for Ugandans seeking to own homes amid a growing housing deficit.
The partnership, formalised through a Memorandum of Understanding (MoU) signed on August 5 at DTB headquarters in Kampala, is aimed at creating a structured pathway to home ownership by connecting property buyers with affordable financing solutions.
The collaboration will provide mortgage and property financing options for individuals, families and investors, with the two institutions seeking to bridge the gap between housing demand and affordability.
Uganda’s housing sector continues to face significant pressure, with the country experiencing a housing deficit estimated at 2.4 million units, according to government data. The partnership comes at a time when access to long-term financing remains one of the biggest barriers limiting many Ugandans from acquiring decent housing.
Universal Multipurpose Enterprises Limited Managing Director Muffaddal Yeolawala said the company’s vision is to create opportunities for both Ugandans and foreigners to invest in and own residential and commercial property in the country.
“We want to create an opportunity for both Ugandans and foreigners to invest and own property in Uganda for either residential or commercial purposes,” Yeolawala said.
The company, which has operated in Uganda since 2020, has so far sold 3,500 housing units, reflecting growing demand for organised residential developments.
Under the new partnership, buyers will access properties priced between Shs98 million for the most affordable units and up to Shs500 million for higher-end properties, with DTB providing financing support through mortgage solutions.
Yeolawala said the company’s developments are strategically located in key urban and suburban areas, including Kololo, Nakasero, Kisasi, Ntinda, Naalya, Kajjansi and Mbuya, offering buyers access to properties supported by essential amenities.
Financing homes
DTB Uganda Managing Director Godfrey Sebaana said the partnership demonstrates the bank’s commitment to supporting Ugandans achieve home ownership through accessible and flexible financing options.
He said mortgage facilities under the arrangement will attract interest rates ranging between 16% and 20%, depending on the customer’s profile and prevailing lending conditions.
“We do not take this MoU lightly. Walk into our branches and we will help you own a home from Universal Enterprises,” Sebaana said.
He explained that the bank will provide flexible repayment structures based on the risk profile of individual customers, with mortgage repayment periods extending up to 20 years.
“Once you apply for a mortgage we will finance it and it will serve as collateral,” he said.
The partnership will focus on expanding mortgage access through longer-term financing solutions while supporting the development of additional housing stock.
Closing gap
For years, Uganda’s real estate sector has recorded strong demand, driven by population growth, urbanisation and rising interest from local and foreign investors. However, limited access to affordable credit has remained a major challenge, especially for middle-income households.
DTB and Universal Enterprises said their collaboration seeks to address this challenge by providing buyers with both property options and financing solutions under one arrangement.
The partnership is expected to support the growth of residential developments while enabling more individuals to transition from renting to owning homes.
Beyond individual home ownership, the institutions said the initiative will also contribute to the expansion of Uganda’s property market by supporting investors seeking residential and commercial opportunities.
