Homeownership is a part of Kenya’s socio-economic policy and remains one of the key priorities for the government.
Monetary Policy Committee retained the Central Bank Rate at 13.0 per cent, sustaining the high cost of credit.
Absa Bank Kenya will provide mortgages with terms of up to 25 years for existing and prospective investors seeking to buy housing units at Pazuri in Vipingo.
The lack of a limit on how much customers can borrow as personal loans is one of the factors limiting the growth of the mortgage sector, bankers say.
Businessman Nazir Jinnah now says a complete overhaul of the mortgage market by leading banks will play a key role in addressing the current housing challenge.
Securing a 100 per cent performance guarantee with a tier-one bank is one of the clauses that Unity Homes has used to prove that off-plan mortgages can work.
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