Stanbic Bank launches into affordable housing
By Soko Directory Team / Posted on September 28, 2022 | 10:18 a.m.
“Affordable housing is a key driver of socio-economic development, and we believe that through this partnership with Stanbic Bank, we will enable more Kenyans to realize their dream of owning a home for their family or as an investment vehicle. “
Stanbic Bank Kenya has signed a Memorandum of Understanding with a consortium of partners including Superior Homes Kenya, Avic International Real Estate Ltd and Safaricom Staff Pension Scheme Registered Trustees to expand its affordable housing finance solutions.
Speaking at the signing event, Anjali Harkoo, Head of Client Solutions at Stanbic Bank, said, “Our focus, ‘Kenya is our home, we drive its growth’, fuels our constant pursuit of partnerships and of mutually beneficial relationships with developers, across segments, with the aim of increasing home ownership in Kenya.Our three additions to the portfolio of our wealthy partners further strengthen our ability to offer our clients a wide range of properties to choose from on their journey to make their dream of owning a home a reality.
Stanbic Bank’s home loan solution, in partnership with Kenya Mortgage Refinance Company, offers competitive interest rates of up to 9.5% with a term of up to twenty-five years. In addition, the bank offers mortgage financing of up to 105% local and foreign currency lending, allowing local and diaspora clients to tap into our suite of solutions, including financing for vacant land and construction.
Attending the signing ceremony were Clive Ndege, Sales Manager, Superior Homes, Judy Muiruri, Sales and Marketing Manager, Safaricom Staff Pension Scheme Registered Trustees, and Li Zhifei, Marketing Manager, Avic International Real Estate.
Judy Muiruri of Safaricom Staff Pension Scheme noted that “Affordable housing is a key driver of socio-economic development, and we believe that through this partnership with Stanbic Bank, we will enable more Kenyans to realize their dream of own a home for their family or as an investment vehicle.” Through its Crystal Rivers Mall and Residences project, the pension scheme offers 3-bedroom units for as little as Kes 6.5 million.
According to the Central Bank of Kenya (CBK) Banking Supervision Report 2020, Kenya has a labor force of around 22 million people, but there are only 26,971 mortgages. Affordable housing is a fundamental and essential necessity for the socio-economic development of a country.
People’s well-being depends on adequate and affordable housing. In addition, housing has an impact on economic growth, good health and educational advancement. Stanbic Bank continues to demonstrate its commitment to driving Kenya’s growth by providing accelerated access to finance and expertise to deliver quality properties through real estate finance.