Hidco commits to addressing housing challenges in Malawi
In a bid to address housing challenges currently rocking Malawi, Housing Investment and Development Cooperative (HIDCO) has extended an open invitation to the general public to join the cooperative and invest in housing related projects.
Speaking to Nyasa Times, HIDCO managing director Robert Mbeza highlighted that the cooperative aims at benefiting women in organised groups like village banks, the youth who are working, entrepreneurs and professionals.
“Members earn high rate of retain on their housing related investments. In just one and half years of operations, we have granted 20 percent patronage refund and our highest saver has received close to K500,000.
“Members have easy access to housing related loans for buying plots and building their dream home or refurbishment of existing property or expanding their houses,” Mbeza explained.
He was quick to point out that members also pay low interest rates on loans.
“If you take a plot loan and pay in 6 months, you’ ate not charged any interest. We also cover loans. For instance, if you take a plot loan and you have paid just once and you die, your loan will be written off and your benefits will still be the plot although you had not finished paying for it,” he revealed.
Mbeza added: “You get free insurance on your shares. In case of death, your shares are doubled and given to your beneficiaries.
“For instance, if you save K2 million and you pass on. your beneficiaries will be given K4 million.”
Among other benefits, shareholders become owners of properties that HIDCO builds such as office complex, flats, hostels among others.
All properties are constructed in full consultations with all members.
HIDCO member Kulukaya Sadiki hailed the cooperative as a great opportunity for everyone.
“As a young entrepreneur, It is inspiring to be part of a network that is investment focused. I know most of my land buying and building process needs are taken care of whether am in Malawi or abroad and the free life insurance on my shares is an added benefit,” she said.
Currently, HIDCO has over 80 Malawian members living locally as well as in USA, UK, Ireland, South Africa, Dubai, Qatar, DRC and Rwanda.
Registered in May 2018, Housing Investment and Development Cooperative (HIDCO) is a cooperative where members come together to pool their financial resources in housing related developments.
HIDCO offices are at House No. 240, Malingunde Road, Area 47 Sector 5 and its physical address is P.O. Box 1996, Lilongwe. Its website is www.hidcomw.com; email is [email protected] and can also be contacted on +265 998 351 313.
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