Middle Income Earners to Enjoy 25-year Mortgage facility

B Antony Kambiriri-Finance Director Garden City Development signing an agreement with Peter Mutua -Customer and Network Director ABSA PLC

Antony Kambiriri-Finance Director Garden City Development signing an agreement with Peter Mutua -Customer and Network Director ABSA PLC

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Middle income earners seeking affordable homes within Nairobi are set to enjoy a 25-year mortgage facility.

This is following the announcement of extension of mortgage repayment period up to 25 years by Absa bank for its customers.                                      

Moreover, the offer seeks to increase mortgage uptake by prospective homeowners.

It is set to offer options of construction loans and home loans for self-employed individuals (SMEs) towards home ownership.

Further, there will be a dedicated a team of experts.

They will walk customers throughout every step of buying or constructing their dream home.

The partnership

Additionally, the customers will benefit from established partnerships with players in the home ownership value chain .

Among the value chains is property developers, furnishing partners and home appliance partners.

These partners will offer homeowners a wide range of benefits among them great discounts.

This was announced as the bank signed a financing partnership with Mi Vida Homes .

Following the partnership, customers will enjoy a discounted rate of 12.5% per annum with up to 90% financing.

Speaking during the signing of the Absa-Mi Vida partnership, Absa Bank Customer Network Director Peter Mutua, urged both existing and prospective customers to invest in the lengthened payment period.

Consequently, he urged them to access low interest rates of the Absa – Mi Vida mortgage proposition to own their dream homes.

As a bank, we believe in developing sustainable financing models for our customers, we are offering up to 90% financing within market rates, over a period of 25 years to service their loans  

says MR. Mutua.

In addition, the Director states the proposition is one of the bank’s contributions towards the government’s housing pillar under the Big 4 Agenda.

Home ownership

Further , he says that the partnership seeks to provide quality family homes with sociable amenities and green spaces

The spaces will enhance quality of living spaces to potential homeowners.

On his part, Mi Vida Chief Financial Officer Mr. Antony Kambiriri, says the partnership will address shortage of middle-income housing in Kenya.

 There is a huge demand for affordable and middle-income homes and through this partnership, we will bridge the gap in this market to exceed customers’ expectations

Says Kambiriri.

Mi Vida’s project at Garden City, is a first of its kind with the development centred on green space and family living.

 Phase 1 at Garden City offers 1. 2- and 3-Bedroom Apartments.

Launched in 2019, under construction and on course to be complete by March of 2022.

Absa, formerly Barclays, has been a major player in Kenya’s financial landscape,.

It engages in personal and corporate banking, enterprise, credit cards as well as bancassurance.

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