Home Buyers are set to benefit from a 90 percent mortgage financing with terms of up to 25 years.
This follows Absa Bank’s partnership with Superior Homes (Kenya) PLC which seeks to curb the rising cost of property purchase and limited access to long-term financing.
The current housing deficit in the country is estimated at 2 million houses which continues to rise due to fundamental constraints on both the demand and supply side exacerbated by an urbanization rate of 4.2 percent equivalent to 0.5 million new city dwellers every year.
Superior Homes Head of Sales, Clive Ndege says the partnership will help more Kenyans achieve their home ownership dreams while addressing the current housing deficit in the country.
“This partnership with Absa Bank will ensure that our clients have a hassle-free process of owning a home,” said Ndege.
Absa Bank Kenya Regional Manager and Head of Mortgage, John Kaburu said this will mark the start of a journey towards unlocking and fulfilling more home ownership dreams for Kenyans.
“Besides providing mortgages for home investors, there are more financial solutions that we will be offering including financial literacy through enlightening homeowners on the need to secure their investments,” said Kaburu.