Unity Homes and Absa Bank Kenya partner in mortgage financing from KES 49,500 per month
Unity Homes, a leading affordable housing developer, has announced a partnership with Absa Bank Kenya to allow
The collaboration will see Absa Bank provide Kenya Mortgage Refinancing Company (KMRC)-backed mortgages with terms of up to 25 years. Through the partnership, potential home buyers will acquire one-bedroom housing units in the prestigious Tatu City for an average of KES 49,500 per month at a 9.5% fixed interest rate for the first nine years.
The price of the modern apartments starts at KES 5,950,000. 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: “This partnership with Absa Bank is yet another significant milestone in our ongoing commitment to support the aspirations of many Kenyans, especially those just starting out in life, to acquire a home 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.
Our dependability, quality and affordability have seen many Kenyans choose Unity Homes as their developer of choice and Tatu City, which has world class amenities and infrastructure, as their location to settle in.”
Horsey added 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.
Speaking at the same event, Peter Mutua, Customer Network Director from Absa Bank Kenya said: “As a partner for growth for our customers, we are committed to walking the homeownership journey with them every step of the way, and this partnership is aligned to that agenda. We were greatly impressed by the quality of the homes Unity Homes is building in Tatu City, which qualifies them to be a great investment for any Kenyan for years to come.
Unity Homes has lived up to its reputation for delivering investment- grade housing, which has seen them develop great communities in Tatu City. Further, as an experienced player in the mortgage industry, we not only create customer-centered mortgage products, but we also go above and beyond, walking alongside them as they make one of their biggest financial investment decisions.”
As a participating bank in the Kenya Mortgage Refinance Company, Absa offers affordable home loans with 9.5% interest rates targeting low and middle-income earners. The bank offers some of the longest mortgage terms in the industry, running up to 25 years, with up to 90% financing.
Mr. Mutua added: “The agreement is also a demonstration of the power of the public-private partnership in driving the realisation of the affordable housing dream by bringing on board the expertise, technology, finances, infrastructure, incentives, and all other necessary requirements.”
The project size under consideration is 600 units of one-bedroom houses. Unity Homes is also currently constructing another 1200 affordable homes, with an additional 3000 units planned for development, all in line with the Government of Kenya’s affordable housing agenda.