Stanbic Bank has shaken up Uganda’s mortgage market with a bold new offer: preapproved home loans of up to UGX 500 million for existing clients—no lengthy paperwork, no waiting games.
In a move hailed as a game-changer, Stanbic’s new mortgage model flips the traditional loan process on its head. Instead of asking customers to apply and wait for approvals, the bank is now proactively telling them what they qualify for—upfront.
This revolutionary model uses a client’s existing banking history, income flow, and KYC data to instantly prequalify them for home financing.
“Homeownership should not be a privilege for a few,” says Damalie Kairumba, Head of Mortgage Finance at Stanbic Bank Uganda. “If you already bank with us, we can now tell you exactly how much home financing you’re eligible for—before you even apply.”
This model is the first of its kind in Uganda. It targets both salaried employees and self-employed individuals, offering a much-needed alternative to Uganda’s traditionally rigid and paperwork-heavy mortgage system. And it’s arriving at a critical time.
A National Housing Crisis
Uganda’s housing deficit stands at over 2.4 million units, according to the Uganda Bureau of Statistics.
Without urgent intervention, this figure could hit 3 million by 2030. The challenge is compounded by rapid urban growth, especially in Kampala and other fast-expanding towns.
East Africa’s urban population is growing at an average rate of 4.5% per year—fueling demand for affordable, quality housing. But access to long-term mortgages in Uganda remains extremely limited.
Many banks lack the long-term capital needed to offer competitive home financing, and the country’s low savings culture makes things worse.
Stanbic’s innovation addresses both obstacles: eliminating the application burden and using internal data to speed up approvals.
What You Can Use the Loan For
Eligible customers can use their preapproved mortgage funds to:
- Buy land or finished property
- Build or complete a home
- Refinance or consolidate existing loans
- Secure land titles for kibanja plots
- Release equity from existing property
According to Israel Arinaitwe, Head of Personal Banking at Stanbic, this approach “puts power back into the hands of the customer.”
“We’re removing the fear factor,” he adds. “People no longer need to guess whether they can afford a home. We’re telling them—right at the start.”
Stanbic offers rates as low as 16.5% in Ugandan shillings and 9% in U.S. dollars, with repayment periods of up to 25 years. Loan amounts can go as high as UGX 3.7 billion (roughly USD 1 million).
Speed, Simplicity, and Digital Access
The process is fast. Once a client identifies a property, a Stanbic-approved valuer handles the assessment.
After acceptance of the offer, mortgage registration and fund disbursement can take as little as 10 working days—depending on the client’s readiness.
In a further step toward convenience, the bank plans to roll out this service via its digital channels in the coming weeks. That means customers will soon be able to apply for—and manage—their mortgage from the comfort of their homes.
Stanbic is also partnering with top-tier real estate developers to make the homebuying journey even smoother.
“This isn’t just about loans,” says Arinaitwe. “It’s about transforming lives, building generational wealth, and shaping a more equitable Uganda.”
