NAIROBI, Kenya April 21-Property developer Purshottam Developers, and Stanbic Bank Kenya have entered a structured mortgage finance partnership that will enable customers to own homes in Ruaka at an affordable cost.
As part of the deal, Kenyans will be able to acquire the apartments with a standard minimal deposit and subsidized mortgage loan interest at 9.5 per cent for loan amounts below Sh8million.
The Open Week for the Magic Dash apartments scheduled for April 20 to 27 will showcase the 1-bedroom duplex as well as the different types of 2- and 3-bedroom apartment units ranging from Sh9million to 11million.
The Sh 400 million residential complex is built on a quarter-acre land parcel located on main Limuru Road in Ruaka, Kiambu County.
“Under this partnership customers will access competitively priced mortgages with lower monthly repayments. Our strategic focus is to help bridge the home ownership deficit across the country as the country’s national housing goals,” said Purshottam Developers Managing Director Jayesh Chavda.
Stanbic Bank Kenya Head of Mortgages Austin Waga said the partnership will help Kenyans access good quality homes at an affordable mortgage rate.
According to the Kenya Banker Association (KBA), Stanbic Bank Kenya Limited was the second-largest primary mortgage lender in Kenya, with a market share of 13.1 per cent, after Kenya Commercial Bank Kenya Limited (KCB).
Magic Dash Apartments commenced construction in December 2019 and will be open for occupation by end of April this year.