The Botswana Housing Corporation (BHC) is working on rolling out the Installment Purchase Scheme (IPS), the chief executive officer of the BHC, Mr Reginald Motswaiso revealed this in an interview. He said his institution had been tasked with driving some of the key housing initiatives and this included the IPS.
He said, through the IPS, many houses will be built and rented out to citizens, with a quarter reserved for youth. Instead of paying normal rental, the monthly payments will be considered as a long-term installment, with the tenant eventually owning the house after a period of up to 25 years.
He said, with the valuation of each housing unit appreciating every year, giving an advantage to those who will be purchasing them, as instead of being tenants who merely pay rent, they will be contributing to owning an assert that will eventually have much greater value than initially was the case.
Mr Motswaiso said that they are piloting the project in Gaborone, building 750 housing units at Tsholofelo in Broadhurst, Gaborone and at Block 3 in the capital. The Ministry of Lands and Housing developed the IPS and the BHC are implementers, as part of the government’s pledge to take Batswana out of poverty and create jobs for citizens.