Stanbic Bank Kenya has today signed a Memorandum of Understanding (MoU) with a consortium of partners, including Superior Homes Kenya, Avic International Real Estate Ltd, and Safaricom Staff Pension Scheme Registered Trustees, to expand its affordable housing financing solutions.
Speaking during the signing event, Stanbic Bank’s Head of Client Solutions, Anjali Harkoo, said, “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. Our three additions to our rich partners’ portfolio further strengthen our ability to provide our customers with a wide range of properties to choose from in their journey to make their dream of owning a home a reality.”
Stanbic Bank’s Home Loan solution, in partnership with Kenya Mortgage Refinance Company, offers competitive interest rates of up to 9.5% with a tenor of up to twenty-five years. In addition, the bank offers mortgage financing of up to 105% loan in both local and foreign currencies, allowing both local and diaspora customers to tap into our bouquet of solutions, including vacant land and construction financing.
Present during the signing ceremony were Clive Ndege, Head, Sales, Superior Homes, Judy Muiruri, Sales and Marketing Lead, Safaricom Staff Pension Scheme Registered Trustees and Li Zhifei, Marketing Manager, Avic International Real Estate.
Safaricom Staff Pension Scheme’s Judy Muiruri noted that “Affordable Housing is a key driver of socio economic development, and we believe that through this partnership with Stanbic Bank, we will enable more Kenyans to realize 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 3-bedroom units for as low as Kes 6.5 million.
According to The Central Bank of Kenya’s (CBK) 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. 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.
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