Potential home buyers will access up to 90pc of financing for the purchase of affordable homes constructed by Unity Homes in Tatu City.
This follows an agreement signed between the realtor and Absa Bank Kenya which will see the lender provide Kenya Mortgage Refinancing Company (KMRC)-backed mortgages with terms of up to 25 years.
“This partnership with Absa Bank is yet another significant milestone in our ongoing commitment to support the aspirations of many Kenyans, especially those just starting out in life, to acquire a home with the highest quality in standard finishes, at flexible repayment terms, and at one of the country’s best mixed-use developments,” said Jason Horsey, Unity Homes Executive Director.
Under the deal, potential home buyers who will have deposited 10pc of the housing unit value will be able to buy a one bedroom house in Tatu City for an average of Ksh 49,500 per month at a 9.5pc fixed interest rate for the first nine years.
Unity Homes says 600 units of one-bedroom houses are under consideration through the deal.
“The agreement is also a demonstration of the power of the public-private partnership in driving the realization of the affordable housing dream by bringing on board the expertise, technology, finances, infrastructure, incentives, and all other necessary requirements,” added Peter Mutua, Absa Bank Kenya Customer Network Director.
The firm is also currently constructing another 1200 affordable homes, with an additional 3000 units planned for development, all in line with the Government of Kenya’s affordable housing agenda.