Safaricom Sacco has signed a memorandum of understanding with Centum Real Estate, a move that seeks to enable the Sacco members buy residential homes in Nairobi, Kilifi, and Entebbe, Uganda.
Through the MoU, sacco members will be financed to acquire all properties under development by Centum RE at a lower price than the market rate.
For homes valued at Ksh8 million and below, the society will offer up to 100 per cent financing in form of mortgages through Kenya Mortgage Refinance Company (KMRC) backed home loans at eight per cent per annum on a reducing balance for a maximum period of 25 years.
For homes valued above Ksh8 million, the Sacco will finance the members at a rate of 12 per cent yearly on a reducing balance for a maximum period of 20 years.
The homes located at Centum Re’s 106-acre Two Rivers development in Gigiri are priced from Ksh 4.2 million to Ksh45 million while the homes at 265 Elmer One development in Kasarani are priced from Ksh2.5 million to Ksh6.3 million.
the 10, 254-acre development in Vipingo, Kilifi and the389-acre Pearl Marina, in Entebbe are priced from Ksh1.98 million to Ksh19.95 million and from $56,000 (Ksh7.8 million) respectively.
Centum Re is a fully-owned subsidiary of the Nairobi Security Exchange (NSE) listed Centum Investment with a whooping Ksh25 billion balance sheet.
By Our Reporter
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