Nairobi — Standard Chartered has introduced a new mortgage offering that will see clients access mortgages at 11.9 percent variable rate offer for new applications submitted and approved during the campaign period.
The offer is open to both existing and new clients.
Those seeking to transfer their mortgage to SCB at the new rate of 11.9 percent will get access to waived valuations fees and legal costs for applications submitted and approved during the campaign period.
Standard Chartered Head of Consumer, Private, and Business Banking Edith Chumba, said, "We understand that the pandemic had a negative economic effect which consequently affected financial positions of a substantial number of individuals. It is with this in mind that we have designed a mortgage offer that is both competitive and practical. Homeownership remains a key need for a large segment of the Kenyan population and we want to make the homeownership journey an easy one for our clients."
"Clients who already own property can also take advantage of this rate to release equity or capital gains from their property and invest the funds in other investment vehicles like our unmatched Wealth Management solutions. With a market rate that’s 1.1% lower than the average market rate, we hope that this encourages our clients to start or continue with their homeownership journey supported by a mortgage with a competitive interest rate and payment terms," she adds.
The lender’s head of Affluent Banking and Client Coverage Kenya and East Africa also said that,"We have seen an increased demand for mortgages in the market especially among the emerging affluent. This new offering will allow our clients to take up a mortgage that is suited to their income flows and payment preferences."
Standard Chartered Bank Kenya has a number of mortgage solutions including Purchase, Equity release, construction, and nonresident which cater to diversified clients.