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Stanbic Bank Kenya and Fanaka Real Estate Limited have today signed an agreement that will see the Bank offer vacant land, construction and real estate financing to clients.
As part of the agreement, buyers will be able to acquire vacant land parcels from the developer as well as get access to construction financing from the bank.
Once they acquire the land, buyers can access home construction loans at KMRC’s affordable housing rate of 9.5% fixed interest for loan amounts up to a maximum of KES10.5M, with a repayment period of up to 20-years. Prospective buyers can own vacant land for construction for as low as KES 700,000.
Commenting on this, Nelly Waithaka, Head, Products, Stanbic Bank Kenya said, ‘’ We are always thrilled to fulfil our clients’ home ownership dreams.
We believe that quality housing should be accessible to all Kenyans which is why we continue to offer innovative real estate financing solutions.
This agreement will see us connect many individuals to their desired land and housing units, both of which help build inclusive and sustainable communities.’’
Through the agreement, Stanbic Bank will offer clients construction and Buy & Build propositions under its affordable housing platform.
The platform, which is implemented in partnership with Kenya Mortgage Refinancing Company (KMRC) offers competitive interest rates and long-term repayment tenors.
In 2023, the Bank facilitated access to financing for 137 housing units totalling over KES 635 million.
Adding to this, Moses Muriithi, CEO Fanaka Real Estate said, ‘’ We are committed to the belief that accessible home ownership is a fundamental right for every citizen. We strive to make land ownership in the Nairobi metropolis attainable for all, and our partnership with Stanbic Bank to offer innovative mortgage products underscores our dedication to providing homes for individuals across all income levels.’’
The Stanbic Bank Affordable Housing Loan is available to Kenyans in diaspora and the interest is calculated on a reducing balance basis.
The Bank also takes over mortgages and unsecured loans from other financial institutions under set conditions.
The agreement will be implemented in accordance with all applicable laws and regulations and is set to make land and home ownership more accessible for Kenyans.
