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A new “middle class” housing program is gaining in popularity but being forced to address complaints from applicants confused over the process. The 40/60 program has been in the news recently as its registration has been promoted.
The registration was expected to begin last Saturday. People lined up at kebeles for new documents such as Identification Cards, Marriage Certificates and a letter confirming that they don’t own a house in their name.
There were confirmed reports of registration taking place at 30 branches of CBE. This was not as many branches as advertised by Addis Lisan, an Amharic bi weekly newspaper published by the city government which said there would be 51.
House Type Area in m2 Price per m2 in birr Total Price in birr Required Saving in birr
(40%) Provided Loan in birr
(60 %) Minimum Monthly Saving in birr
One Bedroom 55 2338 128,590 51,436 77,154 887
Two Bedroom 75 2673 200,475 80,190 120,285 1,337
Three Bedroom 100 3200 320,000 128,000 192,000 2,133
“We are very happy that a large number of people are signing up for the housing program that the bank agreed to finance since it will allow us to increase the number of account holders in our bank and hence savings. We will let the general public know through the mass media when registration commences and what criteria needs to be fulfilled in order to be eligible in the near future,” said Tefera Seifu, Corporate Communication Manager of CBE.
The Addis Ababa Housing Development Enterprise (AAHDE) and the state owned financial giant, Commercial Bank of Ethiopia (CBE) signed a deal to realize of 40/60 housing scheme last week.
If City residents are able to save 40 percent of the total cost of the planned house they will be eligible for the program that has the remaining 60 percent covered by the state owned bank through a loan that will be paid within 17 years.
According to Kuma Demeksa, Mayor of Addis Ababa, site selection and other pre conditions have been completed to begin the construction of 10,000 houses this fiscal year.
The cheapest price is 128,590 birr for a house with one bedroom which lays over 55sqm total area while the two bedroom homes cost 200,475 birr and lays on 75sqm. The biggest house is planned to cost 320,000 birr with three bedrooms and lays on 100 sqm area.
Residents who aspire to befit from the scheme need to save 857 birr per month to qualify for the one bedroom, 1,337 birr for the two bedroom and 2,133 birr for the three bedroom houses per month within five years. However, if a potential resident can save the 40 percent within a short period of time, they will be able to obtain their home sooner than those applicants who will save the first down payment according to the schedule.
Though affordable, these houses are expected to be of higher quality and more spacious than the currently being undertaken low cost condominium housing projects.