Lenders are starting to target the self-help housebuilding model directly
earns some money from his welding business, he buys a bag of cement. Brick by brick he has built a two-roomed house for his family on land he cleared himself in Wakiso district, in central Uganda. Another house stands half-finished nearby until he collects enough iron sheets to make a roof. Across the glade a chorus of bleats drifts from a crumbling hut, shaped from thatch and earth. He used to live in it; now it shelters his goats.
Many borrowers lack land titles to use as collateral. Swarna Pragati, an Indian microlender, gets around the problem by establishing de facto ownership through village meetings. Select Africa, which operates in east and southern Africa, offers unsecured housing loans to salaried workers, deducting repayments from their pay cheques. Centenary Bank in Uganda accepts untitled land as security. Robert Canwat, its microfinance manager, says attachment to home makes the whole family monitor repayment.
Unlike business loans, which can be paid back out of greater profits, lending for housing creates no obvious income stream. But home ownership frees borrowers from paying rent. And some borrowers use loans to build rental units, shops or even schools. “Think of the house as a place from where the household earns money,” says Kecia Rust of the Centre for Affordable Housing Finance in Africa, a think-tank.
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