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July 18, 2018

Stanchart sets aside Sh4bn for mortgages

Mortgage loans remain out of reach for most of the population.
Mortgage loans remain out of reach for most of the population.

Standard Chartered Bank will distribute Sh4 billion in mortgage loans in two months. “We have been witnessing a steady growth in demand for mortgages. 

Increased flexibility through predictable payment contracts and prolonged tenures will definitely allow many Kenyans to enjoy the benefit of acquiring homes through mortgages,” head of retail banking David Idoru said yesterday.

The bank has also introduced low-priced shilling and dollar mortgages. Customers will access up to Sh100 million at a 13 per cent annual interest rate for shilling and six per cent annual interest rate for dollar mortgages.

match risk appetite

With the Kenya shilling mortgage, beneficiaries will have low interest rates for the first two years, after which, the loan will be charged at market rates. They will also get an extended loan repayment tenure of upto 25 years.

“We want to help our clients realise home ownership dreams. By having varied payment options, customers have an opportunity to select contracts which match their risk appetite and income flows. This facility allows customers to plan in the long-term,” he said.

 

 

 

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