I&M Bank and Centum Real Estate (Centum RE) recently formalized a strategic partnership through the signing of a Memorandum of Understanding (MOU).
The collaboration aims to simplify the home purchasing process for Centum RE customers.
Signing Ceremony at Two Rivers Mall
The signing ceremony took place at Centum RE’s offices located in the iconic Two Rivers Mall. The event was led by Centum RE Managing Director Kenneth Mbae and I&M Bank Kenya CEO Gul Khan.
Empowering Potential Homeowners: Enhanced Mortgage Financing Solutions
This collaborative effort seeks to empower potential homeowners by providing improved access to mortgage financing solutions.
Under the terms of the agreement, I&M Bank will extend support to Centum’s Diaspora clientele, facilitating mortgage applications and equity release arrangements for home purchases.
Financing Arrangements: Key Details
The financing arrangement allows up to 90% financing for Kenya Shilling mortgages and up to 80% for U.S. Dollar mortgages. Notably, the interest rate for Kenyan Shilling loan facilities is set at an attractive minimum rate of 16.66% per annum.
Centum RE’s Perspective: Creating Opportunities for Clients
Kenneth Mbae of Centum RE highlighted the mutually beneficial nature of their partnerships with multiple banks.
This collaboration creates avenues for both diaspora and local clients to acquire properties at pre-negotiated mortgage rates.
The partnership with I&M Bank is expected to simplify the home purchase process for diaspora clients, who are particularly focused on verifying property quality and value.
“We are excited about our collaboration with I&M Bank, a partnership that goes beyond transactions to enhance our customers’ experience.
This synergy not only simplifies the home purchase process for our valued clients but also signifies our commitment to delivering exceptional service and value in every step of their journey with Centum Real Estate,” added Mr. Kenneth.
I&M Bank’s Perspective: Aligning with Brand Promise
Gul Khan, CEO of I&M Bank, emphasized the significance of the partnership in delivering on the lender’s brand promise, “On Your Side.”
He emphasized that I&M Bank finds Centum Real Estate a suitable fit, considering not only its status as an industry leader but also its diverse residential developments that cater to a wide customer base.
Commitment to Innovative Mortgage Solutions
Martin Muchemi, Head of Mortgage at I&M Bank, expressed enthusiasm about the partnership, emphasizing the commitment of both entities to delivering innovative mortgage solutions.
He stated, “This collaborative effort signifies our dedication to transforming homeownership dreams into reality.
It also reaffirms our commitment to providing tailored services to our valued clients at home and abroad.”
I&M Bank’s Mortgage Financing Offering
I&M Bank boasts a robust Mortgage Financing offering designed to cater to diverse needs such as property purchase, undeveloped plots, construction, and renovations.
The solution provides a range of products addressing customers’ requirements in terms of loan amount, purpose, and repayment flexibility.
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