Shelter Afrique and NCBA Group has inked a financial agreement that will see homebuyers in five counties get financing to acquire housing units.
Speaking on the partnership, Shelter Afrique Group Managing Director and Chief Executive Officer, Andrew Chimphondah said the deal will ensure uptake of finished properties as it focuses on rapidly closing the housing deficits that are prevalent across Africa.
“This cannot be accomplished by one institution- it requires a shared vision and goal. NCBA has proven to be a reliable partner time and time again and we are happy to play our part in addressing the housing shortage in Kenya,” said Chimphondah.
Counties to benefit
Under the agreement, NCBA Group will offer mortgage finance to over 200 housing units developed by Shelter Afrique in Nairobi, Mombasa, Kisumu, Kiambu and Machakos counties. The developments include maisonettes and apartments ranging from Ksh 5.5 million to Ksh 20.25 million.
NCBA Group Head of Property Finance Stella Mutai said the bank will continue to seek partnerships in order to improve access to housing within the country and the region.
“This is an exciting partnership with Shelter Afrique as we work together to bridge the housing gap across the country and the region. The huge volume of houses that our country needs will require closer partnerships to help meet the growing housing needs in our major cities and towns,” said Mutai.
About Shelter Afrique and NCBA
Shelter Afrique offers a range of housing products in Kenya and across the continent with a focus on affordable, modern and functional units fitted with the most advanced construction solutions within master-planned communities.
In Kenya, Shelter Afrique has a portfolio of existing projects and is rolling out several new housing developments in support of the Big 4 Agenda by government. The housing financier is similarly a wholesale market maker both on the supply and demand sides of the housing sector.
Its primary interventions are the financing of large-scale affordable housing projects on the continent and the supply of long-term finance for mortgages. The property finance unit at NCBA Bank seeks to provide customers with end-to-end solutions.
NCBA Bank property loans cover purchase of plots, single residential or commercial units, purchase of multiple residential or commercial units, and purchase of office blocks, Go Downs or light industrial property.
