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Banking and Insurance

Housing credit will be granted by eight eligible banks

The subsidized housing loan will be granted by eight eligible banks. Among the banking institutions eligible for this credit are Banco de Poupança e Crédito (BPC), Banco de Fomento Angola (BFA), Banco Angola de Investimentos (BAI), Millennium Atlântico and Banco Sol.

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For Fernando Vunge, economist, quoted by Angop, the "robustness or strength" that these banks contain within the national financial system underpins, in an initial phase, their ability to be elected.

The official added that despite the granting of subsidized housing credit being optional for banks, the notice from the National Bank of Angola requires traditional banks to be in the first line of this procedure, as they have a superior financial capacity.

"Among the 26 commercial banks in Angola, not all will have the capacity to grant housing credit, which is why only eight financial institutions were chosen to start the process", said Fernando Vunge, who was speaking this Tuesday at the "Debate Zimbo".

Mário Nascimento, president of the Angolan Association of Banks (ABANC), said he did not agree with the decision and the requirements indicated, and that he believes in considerable adherence to the BNA initiative on the part of banks, as it favors the sector and the national real economy.

Also quoted by Angop, the president of ABANC recalled that most traditional banks, in a global way, already have mortgage loans, despite this being the first time that a special model appears with benefits in interest rates and with a longer payment term.

Among the main obstacles that hinder a greater allocation of housing credit in the country is the interest rate as well as the fact that customers have little ability to present a mortgage, he said.

It is recalled that the availability of 858 billion kwanzas for housing loans was recently announced, allowing banks to grant credit up to 100 million kwanzas.

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