Nairobi — Absa Bank Kenya has entered into an agreement with the affordable home developer Unity Homes to finance unit acquisitions in Tatu City, Kiambu County.
In the deal, the lender will provide the Kenya Mortgage Refinancing Company (KMRC)-backed mortgages with terms of up to 25 years.
Potential home buyers will acquire one-bedroom housing units for an average of Sh49,500 per month at a 9.5 percent fixed interest rate for the first nine years.
The price of the modern apartments starts at Sh5,950,000. Home buyers will also be required to raise the minimum 10 percent deposit to qualify for mortgage consideration.
"This partnership with Absa Bank is yet another significant milestone in our ongoing commitment to support the aspirations of many Kenyans, especially those just starting out in life, to acquire a home with the highest quality in standard finishes, at flexible repayment terms, and at one of the country's best mixed-use developments comprising homes, schools, offices, a shopping district, medical clinics, nature areas, a sport and entertainment complex, and a manufacturing hub," Unity Homes Executive Director Jason Horsey said.
Horsey added that the mortgage application is open to Kenyan citizens who are either salaried or self-employed and have verifiable income.
The mortgage amount will be determined by the property price and what the applicant qualifies for.
"As a partner for growth for our customers, we are committed to walking the homeownership journey with them every step of the way, and this partnership is aligned to that agenda," Peter Mutua, Customer Network Director at Absa Bank Kenya, stated.
"Further, as an experienced player in the mortgage industry, we not only create customer-centered mortgage products, but we also go above and beyond, walking alongside them as they make one of their biggest financial investment decisions."