BRDandGov

 22nd February 2022: PRESS RELEASE: BRD Introduces Iwanjye platform, an Affordable Housing Solution

The Development Bank of Rwanda Plc. (BRD) in partnership with Rwanda Housing Authority (RHA) has launched an online platform called Iwanjye to that will facilitate registration of interested applicants to own an affordable housing.

In 2019, The International Growth Center (IGC) conducted a study on the housing needs of Kigali alone, and it was estimated that there is a need for more than 310,000 new houses by 2032 with majority of those houses being in the affordable housing category. In the period from 2017 to 2032; annually this represents a need of at least 15,000 new houses in 2017 rising to at least 26,000 new houses in 2032 for Kigali City and even more countrywide. To fill the current housing gap, the Government of Rwanda (GoR) initiated the Rwanda Housing Finance Project to allow Rwandans to access affordable mortgages for a long tenor.

The World Bank has funded this project to the tune of 150 million USD through BRD to support the affordable housing GoR agenda and provide affordable mortgage loans. The prospective beneficiaries of this project are divided into two categories:

  1. First time homeowners who earn less than 1,200,000 Frw per month and are looking to purchase a home with a value not exceeding 40,000,000 Frw. This first category will benefit from a mortgage loan at an interest rate not exceeding 11%.
  2. First time homeowners who earn between 1,200,000-1,500,000 Frw per month and are looking to purchase a home with a value of 40,000,000 Frw to 60,000,000 Frw. This second category will benefit from a mortgage loan at an interest rate not exceeding 13%.

The project fund is accessible to borrowers through participating financial institution (PFIs) and as of today six financial institutions namely: Bank of Kigali (BK), ZIGAMA CSS, Bank of Africa (BoA), KCB Rwanda, NCBA Bank and BPR have access to the funds. However, we are actively pursuing partnerships with other banks to ensure that this facility is convenient for all.

The RHFP has a digital platform (https://iwanjye.brd.rw/) that will link applicants, financial institutions, and affordable housing developers. Once an application is submitted, the system will verify the conformity of the applicant against eligibility criteria set by the Government of Rwanda to benefit from an affordable housing scheme. Thereafter, eligible applicants will be notified to proceed and choose their future home in any location of their choice but compliant with the location master plan and consequent mortgage loan processing.

BRD calls upon potential beneficiaries wishing to benefit from the affordable housing scheme to register at iwanjye.brd.rw/

Individuals or real estate developers intending to build or sell affordable housing units can contact BRD at rhfp@brd.rw for further information and collaboration.


BRD Press Contact |Uwacu Mata Cynthia| +250 788317764|c.uwacu@brd.rw|