- Plan tackles people’s inability to provide adequate credit records
- Removes regular strictures of providing formal collateral and/or evidence of regular income
- Trusted local suppliers to have a key place in ambitious Letshego plan
Launching first in Botswana and Namibia, Letshego aims to bring structure and security to more families across its footprint with the launch of its “Affordable Housing” suite of financial solutions. Letshego’s inclusive Affordable Housing solution aims to mitigate access challenges experienced by individuals in broader communities by offering a choice in products.
These include an all-in-one solution with land and a customisable house or capital to purchase material from trusted local suppliers to renovate existing homes or properties, wherever the structures may be located.
Having own home is still a luxury
Said Letshego Group CEO, Aupa Monyatsi, celebrating the launch of ther company’s Affordable Housing products: “In many of our regional markets, owning your own home is unfortunately still a luxury.
“Ironically, there are still many individuals and families across our communities who cannot access financial support to purchase or upgrade their homes – despite them being able to afford loan instalments.”
Monyatsi said the barriers to accessing housing finance include onerous qualifying credit criteria, inability to provide adequate credit records, challenges in providing formal collateral or evidence of regular income in the case of many small business owners.
“Letshego is committed to bridging the gap so that more individuals across our regional footprint can access support to buy or renovate their homes, thus providing dignity and long term stability for more families, and solid foundations for our future generations.”
Understanding the demographics
Letshego Botswana’s CEO, Fergus Ferguson added: “Transforming housing finance into a more diversely affordable and accessible solution is not as simple as offering a home loan with lowered interest rates.
“It’s about understanding the demographics and unique needs of our local communities, and then creating a solution that includes a multi-faceted structure that offers a choice in approach and structure to suit our customer’s unique affordability criteria.
“Solution enhancements include choices in asset finance – be it land purchase financing, home construction or home renovation.”