Then one day the landlord decides to hand you all the relevant ownership documents of the house. The house is all yours. No more paying rent.
That sounds like a fairytale. But very soon this will be a reality as Kenyans begin to own affordable houses, according to Johnstone Olteita, the CEO of Kenya Mortgage Refinance Company (KMRC).
In an interview with Home and Away, Olteita said that the financing of the affordable houses has been structured in a manner that will ensure there is alignment between the amount of money you are currently paying for rent and the mortgage you will take up for the houses.
Making the elusive dream of home ownership for millions come true ghanaweb.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ghanaweb.com Daily Mail and Mail on Sunday newspapers.
Kenya: Housing Finance, KCB Get Sh2 6 Billion for Cheap Home Loans allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
Housing Finance, KCB get Sh2.6bn for cheap home loans
Friday December 18 2020
By JAMES KARIUKI
Summary
The lower home loan rates are the product of the newly established Kenya Mortgage Refinance Company (KMRC), a Treasury-backed lender, which offers banks and saccos cash for onward lending to households.
KCB Group will receive Sh.2.13 billion and Housing Finance HFC (Sh514 million) while Stima Sacco Nyandarua Towers Sacco have been offered Sh69 million and Sh29 million respectively.
KMRC will lend to banks and financial co-operatives at an annual interest of five percent, enabling them to write home loans at less than 10 percent lower than average lending rate of 11.92 percent or 42 percent cheaper.