Stanbic Bank Kenya has signed a Memorandum of Understanding with a consortium of partners, to expand it’s affordable housing financing solutions.
It is working with Superior Homes Kenya, Avic International Real Estate Ltd and Safaricom StaffPension Scheme Registered Trustees.
Stanbic Bank's head of client solutions, Anjali Harkoo said the partnership will further strengthens the lender’s ability to provide customers with a wide range of properties to choose from.
"Our purpose, “Kenya is our home, we drive her growth” fuels our evergreen pursuit of partnerships and mutually beneficial relationships with developers, across segments, in a bid to increase home ownership in Kenya,” Harkoo said.
Stanbic Bank’s Home Loan solution in partnership with Kenya Mortgage Refinance Company, offers competitive interest rates of up to 9.5 per cent with a tenor of up to 25 years.
In addition, the bank offers mortgage financing of up to 105 per cent loan in both local and foreign currencies, allowing both local and diaspora customers to tap into its bouquet of solutions which include vacant land and construction financing.
Safaricom Staff Pension Scheme’s Judy Muiruri said: “Affordable housing is a key driver of socio economic development and we believe that through this partnership, we will enable more Kenyans to realise their dream of owning a home for their family or as an investment vehicle.”
Through their Crystal Rivers Mall and Residences project, the pension scheme is offering three- bedroom units for as low as Sh6.5 million.
According to The Central Bank of Kenya’s-Banking Supervision 2020 Report, Kenya has a working population of approximately 22 million, but only 26,971 mortgages exist.
Affordable housing is a basic necessity and critical to a country's socio-economic development.People's well-being is dependent on having adequate and affordable housing, the lender notes.
In addition, housing impacts economic growth, good health, and educational advancement.
“Stanbic Bank continues to demonstrate its commitment to driving Kenya's growth by providing accelerated access to financing and expertise to provide quality properties through home financing,”Harkoo said.
