Stanbic Bank and Fanaka Real Estate have signed an agreement to see the Bank offer vacant land, construction and real estate financing to clients.
As part of the agreement, buyers can acquire vacant land parcels from the developer and 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 Ksh. 10.5 million, with a repayment period of up to 20-years. Prospective buyers can own vacant land for construction from Ksh. 700,000.
Additionally, Stanbic Bank Affordable Housing Loan is also 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.
Commenting on this, Nelly Waithaka, Head of Products at 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 also 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.
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.”