The dream of more Kenyans owning homes is being realised following the government’s announcement of affordable home loans of up to Ksh 5 million.
Speaking during Madaraka Day celebrations in Homa Bay County, President William Ruto acknowledged the sacrifices made by contributors to the housing levy, disclosing that he will propose reforms to the law to enable Kenyans to access loans at single-digit interest rates.
The President noted that the facility would also enable contributors to offset existing mortgages, offering greater flexibility in their homeownership journey and significantly easing the cost of home financing for many.
“We shall be proposing to Parliament a reform to the law that will allow any contributor to access an affordable home loan of up to Ksh5 million at a single-digit interest rate, applicable toward any housing unit in the market”, he said.
“These reforms will ensure that every shilling contributed to the Housing Levy works for the contributor, whether through access to affordable housing, home loans, or mortgage relief”, he stated.
Terming it a revolution, the President hailed the programme for transforming lives in informal settlements and generating over 250,000 jobs.
“Affordable Housing Programme stands as a powerful symbol of the socio-economic transformation underway across Kenya. To see families move from the hardship of overcrowded slums to the relative comfort of permanent homes, complete with electricity, running water, and clean cooking gas, was a powerful reminder of what pro-people policies can deliver, and the great things we can achieve together when we focus our thoughts and energy on possibilities and action, rather than obstacles and doubt” he said.
Additionally, he assured the government is on course to deliver 150,000 housing units, which have been under construction since September 2022, with 11,000 units already completed.
“Very soon, I shall be handing over keys to new homeowners in Bahati and Elburgon in Nakuru County, Mabera in Kuria West, Emgwen in Nandi, Milimani in Kakamega and Vihiga counties, Nanyuki, and many other parts of the country”, he said.
