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INSIDE THIS ISSUE
JANUARY 2015 | ISSUE No. 4 ISSN - 1821 - 987X
NEWS BRIEF TECHNOLOGY (Sandwich wall panel)
COMMERCIAL PLOTS AVAILABLE FOR SALE, MAKURUNGE, BAGAMOYO
Properties | Investments | Lifestyle | Business | News
WHAT TYPE OF HOME SHOULD YOU BUY?
THE KILIMANJARO COMMERCIAL COMPLEX NOW RENTING
Common guidelines you can follow
10
THE DO’S AND DON’TS OF CONSTRUCTION CONTRACT
USES OF TOOTHPASTE YOU DIDN’T KNOW BEFORE
This guide gives a checklist of things to do and things to avoid
Technology
PIL CEMENT SANDWICH PANELS
Use to make life easier...
PLOTS FOR SALE
PROPERTY
process in Tanzania
In Bagamoyo, Kibaha, Kigamboni, etc
Outdoor funiture
Make your home look better and more African
Adam H Mayingu
Properties
|
Investments
|
Lifestyle
|
Business
|
News
Issue 4, January 2015
BAHARI BEACH SATELLITE CITY
PROJECT FOR SALE
USD 55,000,000/=
20 kms from Dar City Centre
2
Property International Magazine
Issue 4, January 2015
A
200-acre satellite town on the northern outskirts of Dar Es Salaam, Bahari Beach Town is designed to become a self contained satellite city providing family – friendly environment for potential resident populations of 10,000 people, while its commercial units could serve additional 1,000,000 people within easy connecting area. comprising of the following:-
The project comprises of: • • • • • •
Executive villas, town houses and apartments (1000 housing units, 250 office units ) Five Star Hotel Hospital Recreational centre school (nursery & primary school) Service station Shopping Mall not less than 40,000 SQM comprising of Banking facilities Night clubs Restaurants Supermarkets
• •
Cinema halls and many other facilities required in a big mall. Ferry service that will link the rich, sandy Bahari Beach to the main Dar es salaam port on the one hand, and the exotic Zanzibar islands on the others.
Tel: 0783 843 733
sales@propertyinternationalltd.ocm
Property International Magazine
3
Issue 4, January 2015
Holiday resort
Traveller’s Bagamoyo BAR RESTAURANT CONFERENCE FACILITIES ACOMMODATION
ribuni a K 4  Property International Magazine
Travellers Lodge is situated in the gentle curve of a long, white beach. Step into the inviting Indian Ocean, or laze on the beach and enjoy the timeless view of the enchanting Dhows and historical buildings from German colonial times. Our guests can choose to stay in Beach or Garden Cottages, which nestle beneath the trees in the park grounds. The cottages are arranged in different categories to suit a variety of budgets. Our prices are widely considered to be most reasonable. Our Restaurant offers a wide selection of well-prepared local and international dishes.
The ultmate Romantic Getaway!
Issue 4, January 2015
Holiday resort
Travellers Lodge is private-owned and family-friendly. Our gently declining, sandy beach is also safe for children. Bagamoyo is an unforgettable experience of history and culture combined with vibrant local life. We can help to organise sight-seeing trips in Bagamoyo and the region for you. By the way, we speak German and English, as well as Kiswahili.
Welcome to Travellers Lodge Bagamoyo! Karibu! Travellers Lodge Judla Co. Ltd Tel: +255 22 2440077 / +255 754 855 485 Email: info@travellers-lodge.com www.travellers-lodge.com Property International Magazine
5 
Editor’s note
2014 is gone!!
2015 is here ……
Like many other years, 2014 had its ups and downs – good and bad. Profits and losses, etc. However that’s history now, lets focus on 2015. You know what they say, “Mwaka Mpya Mambo Mapya” so what are your plans for 2015? What are your targets and Goals? What do you want to achieve in 2015? Well, this is the time to plan and set your goals and targets – Good luck with that. Property Internationl Ltd, have super exciting NEWS for all of you out there. We have joined forces with Amana Bank, and from this month you will all be able to get (interest-free) loans for purchasing plots - Isn’t that great? Being a Sharia Compliant Bank, Amana Banks offers you a loan without interest. All you have to do is, open an account with Amana Bank, pick a plot you want, and leave the rest to us!! This month, we had the chance to visit “Bagamoyo Travellers Lodge” A beautiful and Serene hotel which is surrounded by amazing Lush Green Landscapes. If you are looking for Tranquility and Total Relaxation, this is THE place to be!! For me, the best part of my visit was seeing mongoose (live) It was the first time in my life to see those creatures roaming around the Lodge. I normally just see them on TV. There are plenty of them in the hotel’s garden. We also had the opportunity to speak to the PSPF’s Director General, Mr. Adam Mayingu who revealed to us “PSPF’s 2014 Achievements and future plans” See page 20 Until next time, I wish you all a Wonderful and Prosperous 2015!! Cheers
Mobile: +255 783 843733 Email: zohra@propertyinternationalltd.com
Mwanza is now connected
3x a week
Accra Bujumbura Brazzaville Dar es salaam Douala Dubai Entebbe Johannesburg Juba Kamembe Kigali Kilimanjaro Lagos Libreville Mombasa Nairobi
Daily flights from Dar es Salaam Fly 4x a week from Kilimanjaro Connect to our world class services across Africa and the Middle East at affordable rates CONTACT US MWANZA
New Mwanza Hotel Tel.: +255 786 243084 Airport: +255 716 754024 / + 255 767 571857 Email: sales.mwanza@rwandair.com
IOSA Certified Operator
DAR ES SALAAM
Viva Towers, 2nd Floor,Room 19 Tel: +255 022 210 3435 Bibi Titi, Mohammed St. Dar es Salaam, Tanzania Email: sales.dar@rwandair.com
KILIMANJARO
Tropicana Building-Swahili Street, Tel.: +255 27 254 6190 / +255 73 297 8558 Airport: +255 73 297 8559 Email: sales.tz@rwandair.com
Contents JANUARY 2015 | ISSUE No. 4 | ISSN - 1821 - 987X
4
THE CREW BEHIND
Magazine Manager Zohra Moore Sales & Marketing Hayat Abdul Aziz George Colyvas Design & Layout Property International Magazine Magazine Circulation Gharib Khamis
Traveller’sLodge The ultmate Romantic Getaway!
Editorial Mohamed Shaaban Published & Distributed by Property International Limited, P. O. Box 45548 8th Floor Mariam Tower, Songea Rd, Shaurimoyo Road, Dar Es Salaam, Tanzania. www.propertyinternationalltd.com
26
THE DO’S AND DON’TS OF CONSTRUCTION CONTRACTS
Copyright © 2015 © All rights reserved
One Marke t for all
18 Property
38 34
10
Plots fo sale
12
Residential plots available for sale Kitopeni Bagamoyo
14
News Brief
Cover Story
20
Plots for sale, Vikuruti Hills in Kibaha - Price start from 2MIL
Advice
24
What type of home should you buy?
Property
30
Plots fo sale
31
Property Purchase process in Tanzania
8
Property International Magazine
FOR PROFESSIONAL SURVEY & MASTER PLAN SERVICES
PSPF achievements & future plans
Property
22
COMING SOON!
Home Tips
36
10 uses of toothpaste you didn’t know before
Property
40
The Kilimanjaro Commercial Complex is now renting
Advice
48
All you need to know about mortgage protection insurance
Land Surveying & Planning Property Management Town Master Planning Property Development
PROPERTY INTERNATIONAL LTD DREAM TO REALITY
Tel: +255 222 860 974/5
sales@propertyinternationalltd.com
Holiday SeasonsGreet ings from Zurich Insurance Brokers (EA) Limited!!!! We are proud to recognize your partnership in business and appreciate for the support you have extended to our Company ever since we started three (3) years ago. We therefore are Wishing You All a Happy and Prosperous Holiday Season!!!
Happy NEW YEAR 2015
Management! Zurich Insurance Brokers (EA) Limited.
Zurich Insurance Brokers (EA) Ltd Insurance = Necessity= Basic Need 5th Floor, Green Leaf Tower, Lumumba/Mkunguni street, P.O. Box 14310 Dar es Salaam Tel: +255 22 2184624 | Fax:+255 22 2184623 / Mobile: +255 655 049800 / +255 715 285416 Email: info@zurichinsuranceea.com / sudise@yahoo.com Web: www.zurichinsuranceea.com
Issue 4, January 2015
AVAILABLE
10 
Location: Marumbi Size: 3 Acres (11,414 Sqm) Price: 550,000 US$ Remarks: Residential plot for sale with availability of electricity and water nearby.
Location: Kijaka, Kigamboni Size: 34.822 Acres Price: Call for Asking price Remarks: Surveyed with Title deed
Location: Kisongo,Babati Road Size: 126 Acres Price: 2mil per Acres Feature: 5km from Kisongo tarmac road and 12km from Town. Title deed is available. Availability of water and electricity.
Location: Misugusugu, Kibaha District Size: 360 Ha
Property International Magazine
Call for more Tel: 0783 843 733, 0688 888 898, 0755 323 909
Issue 4, January 2015
PLOTS
Location: Morogoro, Luhaga Village Size: 100 Acres Asking Price: 5000Tsh per Square Meter Remarks: Surveyed with letter of Offers
Location: Burka Estate – Arusha Size: 110 Acres Price: Tsh. 4,400,000,000 Remarks: Availability of Electricity and Water. Title deed available
e information 9 / Email: sales@propertyinternationalltd.com
E
FOR SAL
Location: Mapinga,Bagamoyo Size: 120 Acres Price : 2.5 Mil US$ Features: Large and beautiful plot near the beach with a title deed.
PROPERTY INTERNATIONAL LTD DREAM TO REALITY
Property International Magazine
11
Issue 4, January 2015
RESIDENTIAL PLOTS
AVAILABLE FOR SALE
PROPERTY INTERNATIONAL LTD DREAM TO REALITY
1.5 Km
To Msata (New Msata road)
IMED Institute of Management and Entrepreneurship Development
To Bagamoyo
KITOPENI PROJECT BAGAMOYO URBAN AREA
Honey Resort
Youth NGO
5km from Kiromo
1km
10 APARTMENTS
• • •
• •
Project comprising of 85 residential plots at Kitopeni, Bagamoyo for sale, i.e plots sold as whole project Plot sizes: Ranging from 600 to 2000 Square meters, total project 80,000 square meters (20 acres) Location: 4km from EPZA industrial area and 8km from new/prospective Bagamoyo port on the Dar – Bagamoyo main road, 1km from main road, 5km from Kiromo View Resort and just 1.5km from the new Bagamoyo – Msata main road Ownership: Every plot has got a title deed in one name for the term of 66 years from the year 2012 Project price: Negotiable
For more information contact +255769250441 / +255718989846 12
3km from New port
To Dar
KIROMO VIEW RESORT
Property International Magazine
NEWS
Issue 4, January 2015
GRAND EAST, CENTRAL, SOUTHERN AFRICA POWER PROJECT SIGNED
TANZANIAN RUNS $80bn PORT PROJECT IN QATAR
signed a memorandum of Understanding
attracted the attention of prime Minister
A Tanzanian civil engineer supervising a
TANZANIA, Kenya and Zambia have (MoU) to facilitate a transmission project to connect the power grids of the three countries, in a move that would see the Eastern and Southern African power pools linked. Dubbed the ZTK (Zambia, Tanzania and Kenya) interconnector, the project’s total cost is estimated at around 860 million US dollars (over 1.5trn/-), according to research by Ernst & Young. Energy and minerals Minister Sospeter Muhongo said that project would enable the three countries to sell power to each other at tariffs lower than 10 US cents per unit
“We have signed an MoU for the construction of Kv 400 transmission line. The project will be implemented in phases between 2016 and 2018.
MOROCCO TO BUILD AFRICA’S TALLEST SKYSCRAPER.
storey tower to begin in June, the projects manager said at the weekend. The skyscraper in Casablanca will be 540 metres (1,782 feet) high, taller 223-meter
Carlton
Centre
in
Johannesburg which currently holds the title for tallest building on the continent. “It will be Africa’s highest tower,” project manager Amede Santalo said. It will be built by the Dubai-based Middle East Development LLC, owned by Saudi businessman
Sheikh
Tarek
Binladen,
and will cost an estimated $1 billion (800 million Euros), he added. Property International Magazine
Mizengo Pinda and his delegates during
A team of Chinese investors and the authorities in Mwanza, Tanzania’s second largest city after Dar es Salaam, have signed memorandum of understanding for investments in eight major areas. The areas include tourism and agriculture, authorities said.
their official tour of the country.
Halifa Hida, Mwanza city director, said
The project, which is funded by Qatar
signed with the Chinese investors were
among the major investments the city
government, involves displacing seawater and channelling it to desert area where the
construction of satellite cites in Luchelele and Igoma suburbs in a bid to improve
port is being built.
wildlife and cultural tourist attractions on
Mr. Potty Msuku, who manages the
Park.
Saanane Island and the Serengeti National
project, said his key role was to ensure that the work was completed within the allocated time. He said the harbour whose operations are scheduled next year has more than 10
“The Chinese investors who visited the city were impressed by abundant investment opportunities found in the region,” said Hida.
landing sites.
He said that the Chinese investors will
SEZ CONSTRUCTION NEEDS WELL-ORGANISED TRANSPORT NETWORK, SAYS INVESTOR.
through
(SEZs), which are inter related to transit and
COAST ACCOMPLISHES 22 WATER PROJECTS IN THIS YEAR
cooperate with their local counterparts
logistic hub internationally would only be
in Morocco, with construction of the 114 –
than
$80 billion port building project in Qatar
Construction of special Economic Zones
A Saudi investor will Africa’s tallest building
14
CHINESE INVESTORS INK PACTS TO TURN MWANZA INTO AFRICA’S SHANGHAI
successful if the National Transportation Network would be well implemented as a move to ensure sustainable industrial development. In
his
report,
Africa
future
Forum
Country Director George Kizenga said that connecting National Transportation Network with special Economic Zones would promote development of the respective each industrial sectors. “These so called industrial parks ultimately secure potential sustainable growth that spearheads national development. As a
the
commerce,
Tanzania industry
Chamber
and
of
Agriculture
(TCCIA) in implementing various projects in tourism, business and agricultural sectors.
A total of 22 water projects with 145 domestic points and a capacity to serve 45,107 villagers have been accomplished in coast region in a period of one year, Regional water engineer, Mr. Alphonce Mganga, has said. According to Mr. Mganga, completion of the projects had increased the number of villagers accessing safe and clean water in the region from 555,431 in September,
result, new jobs are created and better
last year, to 600,538 out of 835,234 total
incomes are generated. Therefore, there
villagers, which was equal to 71.9 per
is a need to ensure special Economic
cent, last September.
Zones connect with National Transport
He mentioned the districts in which the
Networks,” he said.
projects were accomplished and the
Issue 4, January 2015
News brief
number of projects as Bagamoyo(1),
The firm’s general manager, Mr. Dennis
barrel in June last year.
Kibaha Town Council (3), Kibaha District
Sebugwao, said that the production
Lower fuel-import costs are helping
target is achievable as evidenced by the
to keep inflation and interest rates in
Kisarawe (3), and Rufiji (5).
ongoing explorations.
check and bolster their economies. That
According to Mr. Sebugwao, already from
contrasts with a 24 per cent slump in the
TWO MKURANGA VILLAGES BENEFIT FROM SOUTH KOREAN INITIATIVE.
July when the company started the mining
benchmark stock index in Nigeria, which
to November this year, the company has
relies on oil for 95 per cent of foreign –
managed to produce 6,093 ounces worth
exchange income and faces political
Tzs. 9.7bn/- out of which 4,838 ounces
instability ahead of elections in February.
in Njia nne and Magawa villages in
“We take this opportunity to extend our
that will benefit from the lower oil price,”
gratitude to the government, particularly
Joseph Rohm, a fund manager who helps
our parent ministry, for the support since
oversee cape Town – Based Investec
we started our first production. We look
Asset Management’s $2billion Africa fund,
forward to record more wonders as the
said, last month.
Council (3),
Mafia (2), Mkuranga (5),
Mkuranga. Various economic activities Mkuranga District. Coast region, are set to improve following a completion of a four-and-a-half kilometer road connecting the villages to a Dar Es salaam city main road. A patron and founder of Seamaul Undong Tanzania, Rev Joshua Lee, said during the inauguration of the road that the new infrastructure was important for villagers and they should fully utilize it. “This road has been built with a view of bringing progress here,” he said. The Seamaul Undong System is reputed to have contributed considerably to the
achievements
of
South
Korea’s
development.
180 VILLAGES TO GET POWER
Mwanga. About 180 villages in Kilimanjaro region are set to benefit from power supply project currently being undertaken by the rural energy agency (REA) whose second phase will be completed in June next year.
have been sold in the world market Its mostly the East African countries
first locally owned entity,” he said
KATAVI RC URGES PUBLIC, PRIVATE PARTNERSHIP IN DEVELOPMENT PROJECTS
KATAVI regional commissioner (RC), Dr
The Tanga Region chapter of the Tanzania
Ibrahim Msengi, has underscored the
Chamber of commerce, industry and
importance
between
agriculture (TCCIA) has assured exporters
private and public sector in execution of
of
cooperation
and importers that the Tanga Port here
various development projects.
is still operational and they can use it to
Dr Msengi said at the inauguration of the
transport cargo.
Katavi business council over the weekend, stressing that public private partnership
The explanation by the TCCIA follows
(PPP) policy was a crucial factor for fast
rumours that have been going around
racking development of the region.
suggesting that the port had ceased
“We should work together to attract
operations as a number of shipping
investors in our region,” he said, adding
agents had pulled out, leads to minimal
that the council will help in creating an
shipments.
environment for businesses to flourish. The truth is that more shipping agents and
Households will each have to pay only Tzs. 32,000 to be supplied with electricity, the Kilimanjaro regional manager for the Tanzania Electric Supply Company (Tanesco), Ms Monica Massawe, has said.
GOLD FIRM IN GRAND 5YEAR PLAN TO GLITTER MORE The first public mining company in the
county, STAMIGOLD, has unveiled an ambitious five – year plan to boost gold production to over 100,000 ounces worth trillions of shillings by 2019.
TANGA PORT STILL IN USE, EXPORTERS & IMPORTERS ASSURED
other services providers are registering
INVESTORS TURN TO EAST AFRICA AS AFRICA OIL PRODUCING NATIONS GROWTH PROSPECTS DIM
each year to operate at the port and the
INVESTORS targeting Africa, are looking
On the other hand, the TCCIA Tanga
east as an oil market rout depresses
Chapter has urged the Tanzania Ports
economic growth prospects in Nigeria
Authority (TPA) to fast track procurement
and other crude producing nations.
of equipment to load and unload cargo
volume of freight is high,” the TCCIA Tanga Chapter Chairman, Mr Paul Bwoki, said in an interview.
and thus improve efficiency. Last month records showed stocks
Main exports through the port include
surged 22 percent in Tanzania, 18 percent
cement, sisal, coffee, beans and banana.
in Uganda and 9.4 percent in Kenya since oil began falling from a peak of $115.71 a Property International Magazine
15
Issue Issue 4, 4, January January 2015 2015
Technology
PIL CEMENT SANDWICH PANELS
What are PIL Cement Sandwich Panels?
These wall panels are manufactured from EPS (Expanded polystyrene and gases), 42.5# cement, sand and additives. The products ranges in 10 panels varying in size, structural integrity and thickness. The variations allow for Flexibility in use of the panel depending on the specific location in the building where the product is required. The panels are skinned with a fire proof calcium silicate skin.
• Safety Non combustible with fire resistance of 240 minutes. Stronger than blocks/bricks Termite and Fungus proof • Eco Friendly Retains 96% of energy 1% wastage compared to 25% in conventional method • Acoustic performance The panels have superior sound insulation of 45db (decibels) • Water penetration and rising damp The panels are resistant to water penetration and rising damp
Behaviour in Fire
Advantages of PIL cement sandwich panels
18
• •
Life Span: 70 + years Speed: 300% faster than conventional style
•
Economical: 39% reduction in labour cost Less construction material
Property International Magazine
The face of the panels on both sides are 4.5mm silicate calcium fire proof boards and the main material is a mixture of cement sand, fly ash and etc. The energy saving panels have a fire proof of 4 hours against a high temperature of 1000ºC and in-combustibility standard achieve national level A. Besides, these materials give out no toxic gas and perfectly meet the international environmental protection criterion. The tests also prove that water containers can be made by using PIL panel with no need for plastering and the containers have no leakage at all.
Issue 4, January 2015
Acoustic performance
The sound attenuation between adjacent rooms and between adjacent dwellings have been met. See also GB/T 19889.3-2005 Acoustical properties of buildings. On testing it was found that the insulation used to retain the energy simultaneously resulted in a superior sound insulation of 45db (decibels) against a conventional house that has sound insulation of 32.8db.
Durability
Given regular and adequate maintenance, the durability of the panel houses will be more than 70 years.
What can the Panels be used for? These panels can be used in following application: House construction, Multi-Unit Construction/ Fire Walls Projects with difficult sites, Commercial Construction High-rise building, Retaining Wall, Basement, Fences.
Building with Panel is fast, cost effective and energy efficient. The Panels also reduces the five steps used in conventional frame construction into one simple system providing: Structure (One floor house), Insulation Vapour barriers, Sound barriers , Fire walls. The panel forms stay in place. The result is an energyefficient, air tight building with greater comfort, since the EPS act as an air and vapour barrier in addition to adding insulation. This saves heating and cooling cost as well as reduce HAVC sizing by 30 to 40% and costs. Your project is stronger too, with excellent fire-resistance, wind resistance and seismic strength. PIL cement panel cures longer and better in all-weather due to its design. Building interiors are more comfortable, with less temperature variation, less noise and better indoor air quality. The panels are perfect for schools, fire walls, hotels, units and town houses and villas. Raw panel before test
Thermal performance
Incombustible
When compared with the traditional brick house, maximum summer temperatures in PIL Cement Sandwich Panel dwellings will be up to 8ºC warmer when no ceiling are installed, up to 1ºC warmer with ceiling installed and up to 2ºC cooler when 40mm glass wool or similar, insulated ceiling are installed.
Water penetration and rising damp
The wall panels are resistance to water penetration and rising damp.
To achieve maximum efficiency when building with panels, an ideal crew will include one experience person (who understands level, plumb and square) and five labourers We are often asked “what does it cost to install the panels?” We have been involved with many projects and based on these, have developed the following guidelines. One labourer can finish 30sqm wall panels with 8 hours working time per day. For example, If you want to build a 100sqm bungalow, the exterior wall is 160sqm, the interior wall is 70sqm, the roof is 90sqm, with 5 workers will only cost 3 days to finish the flooring, and the whole structure, then will cost more or less 4 days to install the Doors, windows, ceiling, roof and decoration etc. Your whole project will be finished in one week, with 8 working hours per day.
Waterproof Sample
Property International Magazine
19
Issue 4, January 2015
Cover Story
PSPF ACHIEVEMENTS & LEGAL FRAMEWORK:
Public Service Pensions Fund (PSPF) was established under the Public Service Retirement Benefit Act No.2 of 1999 so as to cover employees of the Central Government and Executive Agencies who are on permanent and pensionable terms. However, following the establishment of Social Security Regulatory Authority Act (SSRA) in 2008, PSPF has also been accommodating and registering private organization as part of members of the Fund. This has brought a positive effect in number of members and contributions. The number of contributing members has increased from 266,045 from the financial year 2008/09 to 348,298 in financial year 2013/14. The Fund’s assets have continued to grow and from financial year 2008/09 to 2013/14 the fund registered an increase of 83% in the net assets. INVESTMENT: Amongst the major functions of the Fund is to invest funds collected and payment of benefit to its members. The Fund has different investment portfolios that it invests into and also adhering to investment policy and regulation issued by the Authorities.
PSPF ACHIEVEMENTS IN REAL ESTATE PROJECTS One of the portfolios that PSPF has invested in 2014 is real properties. Some of the real estate projects that the Fund has undertaken in 2014 include. PSPF Commercial Towers
PSPF Director General
Adam H Mayingu
20 
Property International Magazine
This is a of thirty four (34) storey building with twin towers located at Sokoine Drive/Mission Street in Dar es Salaam. One tower is for residential purposed which will be sold to the public and the second tower will accommodate office spaces for letting. Currently PSPF Commercial building is tallest building in East and Central Africa and the 4th tallest in Africa. The project is expected to be completed by the end of April
Issue 4, January 2015
& FUTURE PLANS 2015. Pre selling of offices floors and apartments started in August 2014 where by various companies confirmed interest to purchase. Golden Jubilee Towers This is a twenty four (24) storey building located at the city Centre. The building accommodates Fund’s offices in the shorter tower, banking halls on ground and mezzanine floor, 1st floor for shops third floor for office space and restaurant, 21st floor -revolving restaurant and the remaining areas in the commercial tower is for office space. The building is located in Ohio streets at the heart of a city center in Dar es Salaam. The building is 100% occupied. Low cost Housing Project Knowing that PSPF has a role to boost housing supply particularly for low income earners, the Fund has engaged in the investment of 666 low cost houses in Tanzania mainland. This project has enabled the Fund to expand its investment base by constructing affordable houses for its members and general public. The houses are located in five regions namely; Dar es Salaam, Mtwara, Morogoro, Shinyanga and Tabora. This project involves four categories of the houses namely: •
Category 1 (two bedroom house)
•
Category 2 (three bedroom house);
•
Category 3 (two bedroom house and a master bedroom); and
•
Category 4 (three bedroom house and a master bedroom).
These low cost houses are currently on sale.
commercial building in Dodoma region which will also be used as office of the Fund. The Fund is also planning to invest in infrastructure projects which are: •
Dodoma commercial project which will be used as the office and commercial.
•
Construction of five (5) star hotel and Commercial facilities in Dar es Salaam region in the area currently known as Leaders club and
•
Construction of five (5) regional office blocks in Manyara, Simiyu, Rukwa, Katavi and Geita.
6. Outstanding Performance in offering its Members Residential Housing Loan Facility Programme, presented by Social Security Regulatory Authority of Tanzania.
As the Fund is expecting to have more investments in this booming industry, it has an open environment that allows external multinationals and corporations to partner in with the Fund in undertaking more investment in the Country
PSPF has won a number of awards in 2014 The Fund is proud to have won several awards and it has therefore been commended for the following awards: 1. ISSA Good Practice Awards Africa competition 2014, Presented by International Social Security Authority (ISSA)
PSPF Commercial building
2. Total Quality Customer Satisfaction (TQCS), Presented by Otherways Management and Consulting Association in 2014. 3. The New Era Awards for Technology, Innovation and Quality, Presented by Otherways Management and Consulting Association in 2014.
FUTURE PLANS IN REAL ESTATE PROJECTS
4. Active Member in Training Programme, awarded by East and Central Africa Social Security Authority (ECASSA).
For the coming year 2015 the Fund is expecting to undertake more real investments in other parts of region in Tanzania. It has a plan to build a
5. First Pensions Fund to Introduce Housing loans to its Members, awarded by Social Security Regulatory Authority of Tanzania.
Golden Jubilee Tower Property International Magazine
21
Issue 4, January 2015
PLOTS FOR SALE - LUXURIOUS AND BEAUTIFULLY DESIGNED ESTATE
PROPERTY INTERNATIONAL LTD DREAM TO REALITY
VIKURUTI HILLS-KIBAHA Asking price start from
2MIL
15
OS
CEMETARY
PB NS
15
HOUSING ESTATE
10 RELIGIOUS SITE 20 HOTEL SITE
20
OS 15 15
0
OS
15
PB
NS
30
OS
20
15
15 20 OS
15
10 RELIGIOUS SITE
20
OS
OS
PETTY TRADING
20
COMMUNITY HALL
MARKET
PARKING PB PB
15 SHOPPING MALL
DISPENSARY
NS
OS
15
RELIGIOUS SITE
OS
HOUSING ESTATE
15 15 20
20
20 20 OS
10 15 OS HOTEL SITE
CHILDREN PLAY ROUND HOUSING ESTATE CEMETERY
PB
NS
PROPOSED SECONDARY SCHOOL 15
Housing Estate
Religious site
Hotel
Residential
Open space
Market
Vikuruti Residence is a luxurious and beautifully designed estate located in a serene part of Mlandizi. The estate is surrounded by lush green landscapes and benefits from a cool breeze from River Ruvu. The project consists of 1878 plots - Housing estates, Hotel site, Education center, Hospital, Shopping Complex, Community Hall, and Religious Site. Electricity and water are available.
Exact location:
500M to the main road, 6.5kms from Morogoro Rd, 30kms from Bagamoyo Town Tel: 0783 843 733, 0688 888 898, 0755 323 909 Email: sales@propertyinternationalltd.com 22 
Property International Magazine
The First Islamic Bank in Tanzania
With us
You will be supporting Economic growth Economic justice requires a viable economic system supported by an efficient banking system. Sharia Compliant banking ensures equitable distribution of wealth and every transaction has certain economic purpose and is backed by tangible asset thus laying foundation for an inflation free economy. Moreover, it encourages and involves trading of goods/assets not trading of money
www.amanabank.co.tz
Issue 4, January 2015
Real estate
Advice
What type of home SHOULD YOU BUY? What type of home should you buy? Whether you’re a first-time buyer, moving up to a larger home or downsizing to a smaller one, the answer to this question is a very individual one. It short, it really depends on your situation – everything from the amount of your down payment to where you work to whether you have kids to other personal circumstances. Of course, most of us would love a large house on an expansive property on a quiet cul-de-sac in the best neighbour- hood. But that’s not always possible. For your own enjoyment while you live in your home as well as for future resale potential, proximity to transportation, shopping, schools and other amenities is among the key determinants that affect the your property’s appeal, and ultimately its value. After all, those are the qualities potential buyers look for when searching for a home; the more of them your house has when you go to sell, the more it will be attractive to a greater number of people. While experts suggest you take a long-term view when buying a home, it’s also important to not look too far down the road. Let’s be honest, your first home may not be your dream home, and your needs and desires are bound to change throughout the various stages of home ownership. You might not be able to afford the home of your dreams right off the bat, but once you’re in the market, it’s easier to move up. So, while the answer to the question – What type of home should you buy? – Is specific to circumstances, there are also some common guidelines you can follow.
HOW MUCH CAN YOU AFFORD?
Experts agree it is never a good idea to make yourself house-poor, and it is a very common mistake, particularly of first-time buyers, to buy more home than you can really afford. Meeting with a mortgage broker or your banker will help determine your full financial picture, assessing every- thing from your credit rating to how much you have saved for a down payment. And with tougher mortgage rules recently taking effect, buyers should “stress-test” their plans – seeing how well you could cope with higher mortgage payments brought on by rising interest rates.
HOW MUCH WILL IT REALLY COST?
Another common home-buyer mistake is not being prepared for all the closing costs involved: lawyer fees, land transfer taxes, utilities, insurance, and home inspection and appraisal fees and insurance. All of these costs add up, and ultimately should factor into your overall home-shopping budget.
WHERE DO YOU WANT TO LIVE?
This question is becoming more important for a number of reasons, though influenced primarily by where you work, how much of a commute you want and whether your transportation options include mass transit or only driving. Indeed, especially with gas prices on the rise, proximity to mass transit is something more and more people are looking for in their new home location. It may not be as simple as choosing to live in the city, suburbs or small town.
WHAT TYPE OF HOME DO YOU WANT?
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Property International Magazine
Once you have determined your options for cost and location, you can then assess what types of homes are available in your price range and desired neighbourhood: Single-family detached, semi-detached, town-home or duplex? Some many questions, so many choices. The good news is, home builders today are in sync with customer preferences for location and amenities, and with market realities with regard to pricing and needs for energy efficiency, so your options for new-home product have never been better.
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Issue 4, January 2015
THE DO’S AND D CONSTRUCTION 1. DO KNOW THE PARTY WHOM YOU ARE ENTERING INTO THE CONTRACT WITH.
It is important to know whether you are entering into the contract with an individual or group of individuals, a corporation, a general or limited partnership, or other entity. The rights of the parties involved and their respective abilities to enforce their contractual obligations will be directly affected by whom the contracting parties are. The contract should be clear in this
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Property International Magazine
regard. In addition, you should make sure that the individual signatories to the contract have authority to bind the entity where the contracting party is a corporation, partnership, etc. You should obtain verification of licenses, corporate reports or other documentation showing the party is able to perform the obligations set forth in the contract. It is also advisable to obtain references, personal guarantees when appropriate.
2. DO NOT BID PROPOSALS OR STANDARDIZED FORM CONTRACTS FOR YOUR CONSTRUCTION PROJECT.
Many people in the construction industry use a simplified bid proposal form for their construction contract and have
both parties sign it. Typically, essential terms of the contract have been omitted with the exception of the work or materials supplied and the price. As a result, critical aspects of the agreement, such as time requirements, insurance, lien rights, change orders, etc. are ignored and left to the imagination of all parties. By failing to address these significant factors, disputes often arise as to the rights and obligations of each party. Beware of the person who does not care about the wording of his or her contract. The same entities that lack any understanding or familiarity with their contract requirements may result in a breakdown on a construction job and potential litigation.
Issue 4, January 2015
DON’TS OF N CONTRACTS 3. DO A THOROUGH REVIEW OF THE PLANS, SPECIFICATIONS AND OTHER DOCUMENTS RELATING TO THE CONTRACT.
Many construction contracts require that the construction be performed in accordance with a set of plans, drawings, specifications or other construction documents. It is not unusual for the contract to reference or incorporate the terms of these other documents. Although this procedure is legally binding, certain precautions must be exercised before utilizing this procedure. First, review all of the plans, drawings, specifications, and other documents very closely to evaluate the nature and extent of your rights and responsibilities. Focus upon whether the documents sufficiently define specifically what is expected relative to the construction. Similarly, this review should be conducted to eliminate conflicts in the plans, drawings and/or specifications and ensure that these documents are consistent internally and with each other. Each of these documents incorporated by reference into your agreement is as equally binding on you as if it were included verbatim in your contract. Many contractors ignore documents incorporated by reference, believing “if they can’t see them, then they can’t be hurt by them”. However, it is imperative that you obtain copies of all documents incorporated into your contract so you may ascertain the parameters of the requirements you are undertaking. In many instances, disputes have arise because each party to a construction contract has a different expectation about what was to be installed or constructed. These problems arise because the construction documents are vague or ambiguous. If this occurs, modify the construction
document involved and/or clarify in writing which documents will take precedence in the event of a conflict. Once the construction documents and all potential problems have been reviewed, specify in the contract what documents are being incorporated by reference into the contract, including the latest revision dates of any plans, drawings and specifications.
4. DON’T FORGET TO INCLUDE ALL OF THE TERMS IN THE WRITTEN CONTRACT.
For a contract to be binding upon the parties, all “essential” terms must be established. In the construction setting, it is in the interest of all concerned to spell out, in writing, all of the terms of the contract. There is simply nothing to be gained by failing to address terms, as it will ultimately create a dispute once such terms are left to the imagination of the parties. The significant issues that must be addressed in the contract include, but are not limited to: (1) price; (2) payment terms; (3) scope of work; (4) terms of performance; (5) insurance and bonds; (6) indemnification; (6) warranties; (7) lien rights; (9) change orders; and (10) termination.
5. DO A THOROUGH INVESTIGATION OF THE PROJECT.
Before entering into a construction contract, make sure you have thoroughly researched the nature of your particular work in the project. In addition to review of the construction documents as discussed above, it is very important to thoroughly inspect the site and/or improvements where the construction is going to take place. Concealed conditions can disrupt, and sometimes even destroy, an otherwise smooth running construction project.
TIPS ONLY 6. DON’T OVERLOOK THE POSSIBILITY OF A DISPUTE.
Although one always hopes the project will be completed without a problem, it is not unusual for disputes to occur. A properly prepared construction contract can alleviate some of the displeasure and expense associated with resolution of the dispute. The contract can provide for arbitration, recovery of costs and Legal fees and preservation of records and evidence so that you are protected in the event a party defaults on its obligations.
7. DO A THOROUGH REVIEW OF THE WRITTEN CONTRACT.
When presented with the written contract for signature, carefully examine all of the terms, including the price, time of completion, etc. If you make a mistake and sign a contract that has incorrect provisions, most likely you have bound yourself to its terms. Although courts have granted relief to a person who has made a mistake, in few instances, usually, the courts have held that unilateral mistakes will not relieve a person of their contractual obligation. It may be harsh, but the message the courts are sending is clear.
CAREFULLY READ THE CONTRACT.
In conclusion, completing a successful construction project is a very difficult task under the best of circumstances. Many people, even those experienced in construction, find themselves involved in a project which is having problems. In many instances, all or most of those problems could have been avoided if those involved had spelled out the rights and obligations of each party in the written construction contract.
Property International Magazine
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MAFIA ISLAND PLOTS FOR SALE
Tel: 0755 323 909 | 0688 888 898
Issue 4, January 2015 Eco-Energy Sugar Project 1km from the plots
COMMERCIAL PLOTS AVAILABLE FOR SALE, MAKURUNGE, BAGAMOYO URBAN AREA
To Saadan 10 Km
COMMERCIAL/RESIDENTIAL
PLOTS
• FILLING STATION
From Makurung e
•
COMMERCIAL COMPLEX
TOURISM CENTRE
•
3Km
• To Msata
13km from Bagamoyo
Business Centre at Makurunge, Bagamoyo for sale i.e comprising of a Filling/Petrol Station, Commercial Complex , Tourism Centre and 12 Commercial/residential plots Plot sizes: Filling/Petrol Station 3,343 square meters, Commercial Complex 14,000 square meters (3.5 acres), Tourism Centre 13,000 square meters (3.25 acres) and 12 Commercial/residential plots 10,500 square meters Location: Located on the highway/main road: Bagamoyo – Saadani – Pangani – Tanga – Mombasa, 16km from Bagamoyo town, 1km from Eco-Energy Sugar Project, 10km from Saadani National Park Ownership: Every plot has got a title deed in one name for the term of 66 years from the year 2013 Project price: Negotiable
For more information contact +255769250441 / +255718989846
PLOT FOR SALE
Location: Mbezi Beach, Size: 2,524 HA Price: Ask for Price Features: Title deed available
PLOT FOR SALE
Ts 1116 - Bagamoyo Very marketable 9 acres plot, All important facilities available Like water and electricity. USD 350,000, Tel: 0756 960 960 www.tzrealestate.co.tz
PLOT FOR SALE
Ts 1106 - Very secured and suitable big industrial plot of 6 acres located at Mandela road. USD 600,000 Tel: 0756 960 960 www.tzrealestate.co.tz
PLOT FOR SALE
Ts 1115 Bagamoyo - Surveyed with the title deeds 6 Acres farm at developing residential And all basics including water and electricity. Tshs 400 MIL Tel: 0756 960 960, www.tzrealestate.co.tz
Tel: 0755 323 909 / 0688 888 898, Email: sales@propertyinternationalltd.com 30
Property International Magazine
Property purchase Issue 4, January 2015
In Tanzania, the state owns all land. Therefore, there is no private ownership allowed for both citizens and non-citizens. However, the Government grants rights of occupancy of land and derivative rights. A right of occupancy is valid for 5-99 years, renewable. A derivative right, on the other hand, can be held for 5-98 years. For a foreigner to obtain a right of occupancy, s/he is required to be granted first a Certificate of Incentives by the Tanzania Investment Centre (TIC).
process in Tanzania
There is also the option of obtaining Sub-leases on land, which has been granted to the private sector through a right of occupancy. Foreigners can only occupy land for investment purposes. There are several ways to be permitted occupancy on land: through obtaining derivative rights from the TIC, application to the Commissioner for Lands, sub-leases, licenses from the Government, and purchasing from holders of rights of occupancy. Rights of occupancy are transferable, on the condition that it is to be transferred to a foreigner, to be used for investment purposes, with permission from the TIC. If the foreign investor opts to purchase from a holder of a right of occupancy, a lawyer’s services is needed for the process. The lawyer drafts a Sale Agreement and the seller provides the necessary documents that confirm s/he has a right of occupancy on the property in case and it is clear of any encumbrance. The notarized Agreement is taken to the Land Office, where the buyer pays for the necessary taxes and fees to have his/ her name recorded at the Land Registry. The lawyer also prepares a Transfer Deed, which is submitted to the Municipal Land Office with the Sale Agreement. A Certificate of Occupancy is then sent to the buyer.
Footnotes to Transaction Costs Table
The round trip transaction costs include all costs of buying and then re-selling a property – lawyers’ fees, notaries’ fees, registration fees, taxes, agents’ fees, etc.
Notary Fee
Notary fees are approximately 3% of the property value. Notary fee is negotiable, but it is regulated and it cannot go higher than 10% of the property value.
Stamp Duty
Stamp duty is levied at 1% of the property value.
Registration Fee
Registration fee is around 0.25% of the property value.
Valuation Fee
Valuation fee is around 0.10% of the property value. The official valuation fee formula is: (Property Value – 200,000) * (1.25/1,000) + 550 + valuation approval fee of 0.01% of property value. Property International Magazine
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Issue 4, January 2015
CHEKENI VILLAG
PLOT No.
32
AFFORDABLE PLOTS AVAIL SIZE SQM
PRICE PER SQM
TOTAL
PLOT No.
SIZE SQM
PRICE PER SQM
TOTAL
Tel: 0755 323 909 / 0688 888 898, Email: sales@propertyi
Property International Magazine
Issue 4, January 2015
GE (KIGAMBONI)
LABLE FOR SALE: Tsh: 8000 per Sqm
internationalltd.com
More than 135 plots for sale Road access to all plots.
Chekeni Village is located 37kms from
ferry, 16 Kms from Dar es salaam Zoo, 27Kms from New Kigamboni Bridge.
Sold Plots
Housing Estate
River Stream
Residential Plots
Other Community area
PROPERTY INTERNATIONAL LTD DREAM TO REALITY Property International Magazine
33 
Issue Issue 4, 4, January January 2015 2015
Home tips
Living with nature in mind
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Property International Magazine
Issue 4, January 2015
Property International Magazine
35 
Issue Issue 4, 4, January January 2015 2015
Home tips We all use toothpaste, but it has some amazing properties that make it great for a lot more things other than just whitening our teeth. Read on below to see 10 uses for toothpaste that are sure to make life easier.
10
Uses of toothpaste you didn’t know before
1. Drink Container Purifier
Plastic bottles and Thermoses that are reused over and over again start to smell foul. Washing them with detergent and water is not a successful remedy, but toothpaste gets rid of the odour better than anything else. Simply brush the inside of the container with toothpaste and place in the dishwasher.
2. Diamond and Gold Sparkler
There aren’t many cleaners that can make jewelry shine like toothpaste. Simply scrub them with toothpaste using a soft bristle toothbrush, rinse with water before the toothpaste hardens and shine with a cloth. Be careful not to use this technique on pearls as the abrasives in toothpaste can scratch the surface.
3. Stain Remover Toothpaste can remove the most difficult stains from your favourite clothes. Lipstick stains from shirt collars, juice stains from T-shirts and spaghetti sauce on the table cloth. Just apply toothpaste directly onto the stain, rub rigorously and throw it in the washer. Be careful not to use whitening toothpaste on coloured clothes.
4. Revive Headlamps
The cover on headlights gets dirty and scratched over time, reducing the brightness of the lights. Clean the cover with soap and water first, then buff it with toothpaste and a polishing pad or cloth.
5. Shoe Shiner
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White or light coloured joggers usually get ruined by dark scuff marks. The easiest solution is to scrub the scuff marks with toothpaste. This method also works for dress shoes.
Property International Magazine
6. Nail-Hole Filler
Joint compound or spackling are more ideal solutions, but toothpaste works best for smaller holes made by small nails or pins. Simply apply it to the hole and wipe away the excess.
7. Shower-Door Revitalizer
Glass shower doors accumulate scum very quickly. To give them their original clarity, simply wipe it down with a squeeze of toothpaste on a damp cloth or sponge. For more stubborn stains, let the toothpaste sit for a while and then rinse it off.
8. DVD Scratch Remover Minor scratches and smudges can be removed from discs using toothpaste. Rub a tiny amount and work your way from the center outward with a cotton or microfibre cloth. This works best with small scratches and a small amount should be used since using too much will worsen the problem.
9. Hand Freshner
Soap doesn’t work that well when you have to remove the heavy smell of fish, onions, or other stinky foods from your skin. Toothpaste works far better for removing odours and can be used just like soap. Apply a dab to your hands and rub it like you would soap. Apply lotion or moisturise afterwards.
10. Mobile Screen Fixer
Devices without a protective screen can become scratched over time. Toothpaste can clean screens on mobile devices such as cell phones and hand-held gaming consoles. Lightly rub the screen with toothpaste on a cotton cloth. Then wipe the screen clean with a second cloth.
Outdoor furn
Issue 4, January 2015
Tshs. 600,000
T
1 Seater Tshs. 75,000
Ali Hassan Mwinyi road Road
2 Seaters Tshs. 120,000
rees have an earthy way of making any style of your home look and feel more calm and comforting, Just different designs of wood will make your home look better and more African in style, here are some of the choices of style you may like. These beautiful wood designed are located in Oysterbay, at Ali Hassan Mwinyi Road near St. Peter’s Church.
Here
From town
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Property International Magazine
Haile Selasie road
niture Tshs. 550,000 Tshs. 600,000 CALL FOR MORE INFORMATION 0768 - 276 212 (Patrick) 0652 - 101 055 (Hamis) 0719 - 886 837 (Salum) 0784 - 266 005 (Hamza) 0759 - 700 638 (Cheif) 0715 - 879 857 (Kijo) 0717 - 137 367 (Musa)
Tshs. 420,000
Tshs. 650,000
Tshs. 550,000
NOW RENTING
is a proposed multi functional building with high quality services, maximum security level and extra ordinary quality of the structure. The project is located at the junction of Agakhan and Arusha roads, on Plots No. 7, 8 and 9 Block ‘C’, Section (1)- Moshi Municipality.
AVAILABLE SPACES INCLUDE
Conference hall Hotel, Shops, Restaurants, Spa & Beauty Salons, Clinics, Hostel, College/Learning Centre
FOR ENQUIRIES PLEASE CONTACT NSSF, TEL: 0756 140 118
FACILITIES: - 6 passenger lifts - 2 Escalators - 4 Stair cases - 2 Escape Staircases - 1 Goods lift - CCTV cameras, fire alarms and automated sprinklers - POWER SUPPLY: 3 automated generators - WATER STORAGE: 385,000 litres - PARKING – basement parking for 238 cars, External parking of 50 cars.
E S U HO RENT NI R O O B F M KIGA43 733 / 0779 99
1
9 03
TEL:
Spacious 4 Bedroom house on the beach. Very close to the ferry, adjucent to sunrise beach.
US$ 5000 PER MONTH
0783
8
FOR PROFESSIONAL SURVEY & MASTER PLAN SERVICES
Land surveying & Planning Property Management
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P.O. Box 45548 I 8th Floor Mariam Tower Songea Rd / ShauriMoyo Rd Dares salaam Tanzania. Tel: +255 222 860 974/5 , Fax: +255 222 860 976 , Mob: +255 684 633 333 Email: info@propertyinternationalltd.com , sales@propertyinternationalltd.com Website: www.propertyinternationalltd.com
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GROUND FLOOR
GROUND FLOOR
FIRST FLOOR
FIRST FLOOR
For enquiries contact NSSF Head Office
NETTES FOR SALE (MTONI KIJICHI - KIGAMBONI)
GROUND FLOOR
FIRST FLOOR
GROUND FLOOR
FIRST FLOOR
e or phone number 0756 140 118.
Issue 4, January 2015
the talented people who drive PIL Magazine
“HAVE YOUR SAY”
Zohra Moore
Sales & Marketing Executive
Hayat Abdul Aziz
Marketing Excutive
Dear Readers, You may have seen our magazine in various places in the country. We are aiming to grow and become the leading magazine in property and property-related features and listings in Tanzania and Africa as a whole. We want to know, what you would like to be added / featured in our magazine. Is it property listings? More house-hold tips? More Real Estate articles? Whatever, it is, we would be very grateful to have your thoughts and opinions. This is an opportunity to have your say !!
George Colyvas
Marketing Excutive
Your opinion/suggestions would be highly appreciated. Joseph Steven
Gharib Khamis IT & Distribution Manager
Your generosity and support have been the key ingredients to our success. So this New Year we wish to thank you for all the
Illustrator
Please email your thoughts to: info@propertyinternationalltd.com
cooperation and hope to continue the association for a long time to come.
Happy New year 2015
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Property International Magazine
The Property International Magazine Team.
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Issue 4, January 2015
ALL YOU NEED TO KNOW ABOUT
MORTGAGE PROTECTION INSURANCE
I
n Tanzania and East Africa as a whole, mortgages are rather a new phenomenon but they are on a high increase as the middle class tend to increase by day. A mortgage is often the single biggest financial commitment that many people make during their lifetime. Thus it’s a high time that we try to find out more information on why is it important in taking insurances for these lifetime undertaking. Fewer than half of all residential mortgage holders choose to take on protection of their mortgage repayment ability with mortgage protection insurance. Mortgage protection insurance, or mortgage payment protection insurance, is a form of insurance that ensures mortgage repayments are met should the mortgage holder become unemployed, fall critically ill or be unable to earn income due to an accident. This type of protection insurance product is quite cheap to maintain, and allows mortgage holders to set an insurance amount for monthly protection pay-out that covers mortgage costs and additional expenses up to a set percentage above mortgage outgoings.
Most mortgage payment protection insurance policies are strict on protection insurance claims. For instance, should the mortgage holder become unemployed through their own free will, then they would not be covered by the mortgage payment protection insurance policy. However, redundancy does qualify for payment through the protection insurance policy, providing that the mortgage holder actively seeks new employment. Additionally, mortgage protection insurance may not pay out if the claimant takes on voluntary or part-time work, although the protection insurance terms & conditions relating to this area will vary with
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Property International Magazine
each type of mortgage payment protection insurance product. Typically, mortgage holders will have to endure a mortgage payment protection insurance qualifying period before receiving payment protection pay-outs. The qualifying period on mortgage payment protection insurance policies is normally 90 - 120 days. If the mortgage holder is still eligible for mortgage payment protection insurance after this period, then protection payments are commenced on a monthly basis. Insurance companies often require holders of mortgage payment protection insurance to renew their mortgage protection insurance claim every month by completing a form. Sometimes the insurance companies will request evidence from the mortgage holder so they can evaluate the mortgage holder’s eligibility for the continuation of mortgage protection insurance payments. This could be a doctor’s note of illness or copies of job applications if claiming mortgage payment protection insurance pay-out because of redundancy. Mortgage payment protection insurance pay-outs are normally paid directly into the mortgage holder’s bank account one month in arrears. Pay-outs on mortgage payment protection insurance are often limited to a set insurance period. Depending on the insurance company, monthly protection payments over six months or twelve months from the first mortgage protection pay-out is normal. As two out of every ten people who are made redundant take over a year to re-establish themselves in a new job, mortgage payment protection insurance could mean the difference between keeping your home or losing it. Do contact your Bank or your Insurance providers for more information and clarification.
Bo st your Brain
ACROSS
2. The section of the property policy that pays for damages that you may have unintentionally caused; it also pays for personal damage or injuries to others. 3. You must be able to suffer a financial loss; basically you have to own something to get insurance on it. 4. Auto insurance coverage that pays you if your car is stolen or for any acts of nature. 5. Your auto insurance pays you for your injuries if the other person does not have insurance. 11. The section of the property policy that provides coverage for the current price or book value of the thing that is lost or damaged. 12. The section of the property policy that provides coverage for the amount it would cost to go out and replace your lost or damaged item. 13. When you have a claim you must be able to prove that you owned the item stolen or damaged.
14. The chance that you will suffer a financial loss. 15. The transfer of risk to an insurance company and the sharing of the costs of a loss or accident.
DOWN
1. If you didn’t want to carry an “insurance policy”, what is the amount of financial responsibility you would need to have. 4. Your damages may be reduced by the percentage that you are at fault in a loss. 6. Auto insurance coverage that pays you to fix your car if you are at fault of an accident or the other guy doesn’t have insurance. 7. Being able to pay for the damage that you are legally liable for. 8. Good driver, Good student, Member & Multiple Policies are things that can bring down the cost of insurance. 9. A clause in your insurance policy that states that you will pay for a specific amount of a claim before the company pays. 10. Auto, home & apartment insurance policies do not have this, but Life & Health insurance policies are required to have this.