WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2011-01-06 Time: 02:00:03 Posted By: News Poster
By Walter Wafula
Kampala – Dfcu Bank has applied brakes on the issuance of land loans to some of its customers three years after it introduced the product to ease property ownership.
Mr Aaron Aguma, the Dfcu marketing communications officer, told Daily Monitor that the bank is now lending to a few customers, to guard itself against fraud and fake land titles.
“We are still lending but only that we are doing it selectively. The issue was mainly to do with our land registry system, and many people were taking advantage of the 100 per cent financing,” he said when asked why Dfcu is checking land loans.
Fake titles
Last year, at least 200 fake land titles were found at the land registry at the ministry of Lands. Dfcu’s safeguard has denied a number of good customers access to credit for cheap loans to finance the acquisition of property through the land loan product.
At the launch of the product in 2008, the bank said the product was geared towards easing land ownership among Ugandans. Until last year, the bank extended 100 per cent financing to most of its customers to buy land without collateral security. Beneficiaries of the product received loans of between Shs5 and Shs75 million. Mr Aguma said the bank is now reviewing the product before it can be opened up to more customers.
Under review
“It is under review to see how we can secure it before giving it to the masses,” he said. “This time the scrutiny will be higher.” Besides the effect on customers, the slowdown is also likely to affect the bank’s financial proceeds which earn 20 per cent interest on land loans to its customers.
Interest from property loans often contributes a significant portion of revenue to the financials of many commercial banks. However, Mr Aguma said, the impact would not be felt. “It won’t have a significant impact on our financials because we have a number of products. In that case we would fall back on the mortgage products,” he said.
Following the launch of the product, in 2009, Dfuc’s profit after tax increased by 40 per cent to slightly over Shs.19 billion compared to Shs13.1 billion in 2008.
Original Source: 
Original date published: 6 January 2011
Source: http://allafrica.com/stories/201101060020.html?viewall=1