Stanbic Bank Kenya has today signed a Memorandum of Understanding (MoU) with real estate companies in Kenya to expand its affordable housing financing solutions. The bank signed the MOU with a consortium of partners that includes Superior Homes Kenya, Avic International Real Estate Ltd, and Safaricom Staff Pension Scheme Registered Trustees.
Speaking during the signing event, Stanbic Bank’s Head of Client Solutions, Anjali Harkoo, said, “Our purpose, “Kenya is our home, we drive her growth”, fuels our evergreen pursuit of partnerships and mutually beneficial relationships with developers, across segments, in a bid to increase home ownership in Kenya. Our three additions to our rich partners’ portfolio further strengthen our ability to provide our customers with a wide range of properties to choose from in their journey to make their dream of owning a home a reality.”
Stanbic Bank’s Home Loan solution, in partnership with Kenya Mortgage Refinance Company, has interest rates of up to 9.5% with a repayment period of up to twenty-five years. In addition, the bank offers mortgage financing of up to 105% loan in both local and foreign currencies, allowing both local and diaspora customers to tap into a variety of home loan solutions, including vacant land and construction financing.
Safaricom Staff Pension Scheme’s Judy Muiruri noted that “Affordable Housing is a key driver of socio economic development, and we believe that through this partnership with Stanbic Bank, we will enable more Kenyans to realize their dream of owning a home for their family or as an investment vehicle”. Through their Crystal Rivers Mall and Residences project, the pension scheme is offering 3 bedroom units for as low as Ksh. 6.5 million.
According to The Central Bank of Kenya’s (CBK) Banking Supervision 2020 Report, Kenya has a working population of approximately 22 million, but only 26,971 mortgages exist.
Stanbic Holdings Plc is a subsidiary of Stanbic Africa Holdings Limited, which is, in turn, owned by Standard Bank Group Limited. Stanbic Holdings Plc owns 100% of Stanbic Bank Limited and 100% of SBG Securities Limited.