A city dweller earning between Rwf200, 000 – Rwf 900,000 per month can now afford to have his own house made out of environmentally friendly building materials.
The Rugarama Housing Project – Nyarugenge district, today becomes the first project that brought the cost of a house as low as Rwf 12 million.
Construction of the town housing units with 2 to 4 rooms was launched today and upon completion, they will be sold at a cost comprised between Rwf12 million and Rwf35 million depending on the number of rooms and other space and amenities considerations.
“Applicants can repay the house in a maximum of ten years with an interest rate of 11%,” said Philbert Mbanza, the Rugarama Housing Project Manager
This means that one who gets Rwf12million house can pay at least slightly more than Rwf100, 000 per month
Financed by Development Bank of Rwanda(BRD) and Shelter Africa, an International financing institution, the project starts with phase one including 500 units as more clients continue to be accessed and granted mortgage, according to Mbanza.
The estate will sit on a 30-hectare piece of land between Nyamirambo and Rebero hills and will have public parks, community buildings, shops and a market place.
The entire project will cost over $50 million and will easily accommodate 10,000 new residents.
Infrastructure minister Ambassador Claver Gatete launched and inspected the area where the housing units Rugarama Park will be constructed, accompanied by Andrew Chinphondah, Managing Directors of Shelter Africa, and Trevor Green of Remote Group Rwanda.
“This project will contribute to housing needs in Kigali city to bridge the housing gap which is estimated to 310,000 between 2017 to 2032,” Gatete said.
A press statement from project owners reads; “The construction costs are minimized as much as possible in order to keep selling prices down and ensure that the homes provide the first step in housing ladder to Rwandans who will reside in the modern and ecofriendly estate.”