The recent reduced lending rates by the Reserve Bank of Malawi (RBM) will positively affect mortgage rates and assist in house ownership schemes and reduce takeovers, a leading property dealer has said.

Press Properties Limited (PPL) General Manager Martin Chimangeni said in an interview with Nyasa Times that although the reduced lending rates may positively affect mortgage rates at household level, there is need to sustain the trend beyond the general elections and the lean period thereafter.

“At household level, reduced lending rates will positively affect mortgage rates. Low mortgage rates would assist in house ownership schemes and reduce takeovers that have been so evident in the daily newspapers the past two to three years.”

Press Properties Limited (PPL) on Friday conducted the first draw of its Nzotheka promotion which aims at encouraging Malawians to buy residential plots at Chapima Heights in Blantyre.

The three-month promotion has so far seen increased inquiries from citizens about the plots.

PPL Sales and Marketing Officer, Catherine Kaimila, said the promotion is progressing well and has received positive response from the general public.