Amendment of the Land Act, The Written Laws (Miscellaneous AmendAdd Newments) Act No.1 of 2018 :
- This Amendment provides that any person may mortgage his land or property so as to obtain a loan from a local or foreign bank or financial institution.
- This amendment also provides that the money which will be obtained after a person mortgages his land or property can be used to further develop the mortgaged land or property, for investment or any other purposes.
- Further, this amendment clearly provides that the money obtained from mortgage has to be invested in Tanzania and not anywhere else. Investing the money outside Tanzania will be considered as breach of conditions of a right of occupancy.
- In this amendment, the mortgagor has an obligation to submit to the Commissioner for land a declaration on how the loan was utilized.
- This amendment also provides that a person may mortgage his land to a local or foreign bank or financial institution only if he has a Granted Right of Occupancy over the said land. If one has a Customary Right of Occupancy, he will not be able to do so.