Dar es Salaam, Dec. 9 -- The value of mortgage loans has grown by 7.01 per cent year-on-year pushed up by competition, creativity and low-interest rates.

The value of the outstanding mortgage loans increased to 522.95bn/- at the end of September compared to 509.99bn/- in a similar period last year.

Tanzania Mortgage Refinance Company (TMRC)s latest report showed that 32 different banks are offering mortgage loans dominated by five top lenders, commanding 64 per cent of the market share. CRDB is the leader controlling 37.07 per cent.

“Further,” TMRC said, “the competition in the market has led to the emergence of other products impacting mortgage market growth as the products have favourable terms and are used for hous...