ESWATINIBANK PARTNERS WITH MCHALANGENI

NGWENYA - EswatiniBank has partnered with Mchalageni to afford emaSwati the opportunity to purchase a plot of land at Sibonelo Township, Ngwenya through home loans at zero per cent deposit.  

The partnership was launched yesterday at Sibonelo Shopping Centre. Executive Manager Business Banking – EswatiniBank Druce De Jesus Sargo said this initiative cemented their mandate as EswatiniBank, which was to improve the lives of emaSwati. He said they seek to align to one of their strategic objectives and create a younger generation of home owners.  
Sargo said the relationship between Mchalageni and EswatiniBank could be traced back a few years following the construction of the Galp filling station. He said from there on, the bank has financed a number of Sibonelo Township homeowners. “I am proud to mention that most recently, we funded the construction of this very shopping centre, the newly established Sibonelo Plaza,” said Sargo.

Acquire

The manager said through the zero percent deposit home loan promotion, we commit to assisting emaSwati to acquire urban property at an affordable cost. He noted that the campaign would run for a period of 12 months starting June 15, 2023. He encouraged the public to seize this opportunity, visit any of our branches nationwide or the Housing Unit at the Mbabane Head Office.He highlighted that the bank offers several other housing finance solutions that is Silulu, house purchases and building construction for both personal and commercial use.
He then appreciated the residents of Sibonelo Township for supporting these developments and = encouraged  Mchalageni  to continue to advocate for the development of the nation.
Mchalageni Development Company Chairperson Mduduzi Mhlanga appreciated the government through the Ministry of Housing and Development for approving Ngwenya to be a town.
In order to qualify for a home loan at EswatiniBank, one needed to be; permanently employed under pensionable terms or be employed on contract and have capacity to repay the loan; be able to commit to a stop order payment or salary source deduction.In the case of rural housing loans; applicants will be required to put a binding pledge over their withdrawal benefits on pension in terms of Section 19 of the Retirement Funds Act of 2005. Alternatively, freehold property with a determinable value can be used on security for rural housing loans.
Loans will be granted to eligible employees under these conditions:

Stop order arrangement

1. Monthly instalment amounts should be within the statutory requirements over on applicant’s monthly salary. 2.The repayment period of the loan is determined by the bank based on the applicant’s age and terms of employment.3.For commercial housing loans the repayment is determined based on the risk assessment of each project. 4.An applicant should employ an independent professional architect o supervise the structure on their behalf.

It is also worth noting that there were currently 35 residential plots available at Sibonelo Township. Mchalageni Development Company is the company behind the Sibonelo Township and Sibonelo Shopping Centre.

Retrenched

Mhlanga noted that during the peak of the COVID-19 pandemic, their company managed to continue working and kept their employees’ jobs while many companies retrenched workers.
The chairperson noted that Sibonelo Township was one of the safest townships in the country as there was visibility of security officers who were deployed at the border gate. Mhlanga said Sibonelo Shopping Centre provided almost all services from shops, 24-hour filling station, pharmacy, fast food outlet (KFC), pharmacy and many others. He noted that Sibonelo Township also had a clinic nearby. Ngwenya Town Clerk Phumzile Tshabalala said when she joined Ngwenya Town Board in August 2015 one of the issues found in the office was the mammoth issue of Mchalageni. She said there was some dispute that needed to be resolved. She stated that in a bit to resolve those issues, they had several meetings which eventually yielded good results as such they now talked of a successful giant development in Ngwenya.

Tshabalala said as Ngwenya Town Board they were proud to have developed at least 500 residential plots and a shopping centre. She appreciated the Company for championing this project to its fruition and the government for approving the said project. She encouraged the residents of Ngwenya or Sibonelo Township to avoid conflicts by all means as it would be detrimental to the vision of seeing that place developed. “To new residents, the town clerk welcomed them to Ngwenya, and urged them to note that they had indeed chosen the perfect destination of choice. “To all of us, I pray God grant you the wisdom of King Solomon and you continue with your day to day activities,” she said. “As we heard for Local Government Elections on the 24th of June, May we be granted with the wisdom to elect wise leaders,” she concluded.

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