The Absa Bank Kenya has introduced a 25-year mortgage facility targeting middle-income families seeking affordable homes within Nairobi.
The move followed a financing partnership with Mi Vida Homes where customers will enjoy a discounted rate of 12.5% p.a with up to 90%. The proposition seeks to increase mortgage uptake by prospective homeowners, offering options towards home ownership such as construction loans and home loans for self-employed individuals (SMEs) with a dedicated a team of experts who will walk customers through every step of buying or constructing their dream home.
The move is also one of the bank’s contributions towards the government’s housing pillar under the Big 4 Agenda and aims to provide quality family homes with sociable amenities and green spaces that enhance the quality of living spaces to potential homeowners.
Mi Vida’s project
Mi Vida’s project at Garden City is a first of its kind with the development centered on green space and family living. Phase 1 at Garden City offers 1. 2- and 3-Bedroom Apartments. Launched in 2019, under construction, and on course to be complete by March of 2022.
“As a truly African bank, we understand that home is where the heart is. This is why we have availed the Absa – Mi Vida mortgage facility to employed and self-employed customers, presenting a lifetime chance to own ready-to-move-in homes. As a bank, we believe in developing sustainable financing models for our customers, we are offering up to 90% financing within market rates, over a period of 25 years to service their loans,’’ said Mr. Mutua.
“There is a huge demand for affordable and middle-income homes and through this partnership, we will bridge the gap in this market to exceed customers’ expectations,” said Mr. Antony Kambiriri, Chief Financial Officer Mi Vida.
