Getting a mortgage in Uganda, is a sure way to stress.. you can’t even guarantee that you will have a job for the 25 years and incase of job loss, the bank is selling off your property..
That's the biggest risk, and if you take insurance on the mortgage for such circumstances, you will have to walk heaven and earth before insurance comes to your rescue.
"The government is also sleeping, otherwise it would be the leading partner in the mortgage financing." This has been my biggest qualm really. Our regulatory bodies have been caught napping on most financial fronts. Especially in the banking sector. Look at what's happening with digital banking services. All players are simply ripping off their customers and the regulator -BoU-, seems not to be paying attention. Its a very incompetent way of handling things
Getting a mortgage in Uganda, is a sure way to stress.. you can’t even guarantee that you will have a job for the 25 years and incase of job loss, the bank is selling off your property..
That's the biggest risk, and if you take insurance on the mortgage for such circumstances, you will have to walk heaven and earth before insurance comes to your rescue.
Insurance may kick in for 12 months if you are lucky, beyond that, you are on your own
And that's how we are seeing lots of forced sale value homes on market right now. incredibly insidious if you ask me.
"The government is also sleeping, otherwise it would be the leading partner in the mortgage financing." This has been my biggest qualm really. Our regulatory bodies have been caught napping on most financial fronts. Especially in the banking sector. Look at what's happening with digital banking services. All players are simply ripping off their customers and the regulator -BoU-, seems not to be paying attention. Its a very incompetent way of handling things