Kimisitu DT Sacco has partnered with the Kenya Mortgage Refinance Company (KMRC) to launch an affordable mortgage product for members.
It offers long term mortgage financing designed to help members move from renting to owning homes, through flexible and affordable terms.
Under the arrangement, eligible members can access mortgage loans of up to Ksh 10.5 million at a fixed annual interest rate of nine per cent, with repayment periods of up to 25 years.
It also covers up to 105 per cent of a property’s value, allowing members to purchase or construct residential homes while catering for related acquisition costs.
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“Today marks a historic milestone for Kimisitu DT Sacco. For the first time in our history, we are introducing a mortgage product at a single digit interest rate. This is more than a new product, it is a demonstration of our commitment to make homeownership genuinely affordable for our members,” said Kimisitu Sacco Acting Chief Executive Officer, Catherine Odhiambo, during the launch.
Odhiambo noted that the Sacco has boosted members’ borrowing capacity by offering loans of up to seven times their savings deposits.
“We have also enhanced members’ borrowing capacity through an industry leading loan multiplier of up to seven times a member’s deposits, enabling more members to qualify for higher value mortgages while enjoying loan repayment periods of up to 25 years.”
By Frank Mugwe
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