Unity Homes and Absa Bank Kenya have entered into an agreement to allow potential home buyers acquire houses in Tatu City through the affordable housing financing scheme.
The collaboration will see the bank provide Kenya Mortgage Refinancing Company (KMRC)-backed mortgages with terms of up to 25 years.
The price of modern apartments starts at Ksh5,950,000. The partnership will allow potential home buyers to acquire one-bedroom housing units in the prestigious Tatu City for an average of Ksh 49,500 per month at a 9.5% fixed interest rate for the first nine years.
Home buyers will also be required to raise the minimum 10% deposit to qualify for mortgage consideration.
Speaking while unveiling the partnership, the Unity Homes Executive Director Jason Horsey said the partnership is a significant milestone in supporting the aspirations of many Kenyans to acquire a home.
“Kenyans will now be able to acquire homes with the highest quality in standard finishes, at flexible repayment terms, and at one of the country’s best mixed-use developments comprising homes, schools, offices, a shopping district, medical clinics, nature areas, a sport and entertainment complex, and a manufacturing hub,” he said.
He noted that the mortgage application is open to Kenyan citizens who are either salaried or self-employed with verifiable income. The mortgage amount will be determined by the property price and what the applicant qualifies for.
“To be considered, employed customers must present a letter from their employer or an employee contract, a KRA pin, a letter of offer from Unity Homes, three-month pay slips, and 12-months certified bank statements,” Horsey said.
He noted that self-employed individuals will be required to present a business registration or certificate of incorporation, 12 months of audited financials, relevant business permits, a KRA Pin, a letter of offer and 12 months of certified bank statements.
“These documents will be submitted to Absa Bank for qualification and due diligence,” Horsey noted.
Absa Bank Kenya Customer Network Director Peter Mutua said the institution is committed to walking the home ownership journey with many Kenyans.
“We were greatly impressed by the quality of the homes Unity Homes is building in Tatu City. As an experienced player in the mortgage industry, we not only create customer-centered mortgage products but also walk with them as they make one of their biggest financial investment decisions,” Mutua said.
The Director averred that the agreement is also a demonstration of the power of public-private partnerships in driving the realization of the affordable housing agenda.
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