NAIROBI, Kenya- In an exciting development for prospective homeowners, Stanbic Bank and Fanaka Real Estate have signed a landmark agreement to offer comprehensive financing solutions for vacant land, construction, and real estate.
This collaboration aims to make home ownership more accessible and affordable for Kenyans.
Under this agreement, buyers can acquire vacant land parcels from Fanaka Real Estate and secure construction financing from Stanbic Bank.
Once the land is acquired, buyers can access home construction loans at a competitive rate of 9.5pc fixed interest, thanks to the Kenya Mortgage Refinancing Company (KMRC).
These loans are available for amounts up to Ksh. 10.5 million, with a repayment period extending up to 20 years. Land parcels for construction are available starting at Ksh. 700,000.
Nelly Waithaka, Head of Products at Stanbic Bank Kenya, emphasized the bank’s commitment to making quality housing accessible to all Kenyans: “We are always thrilled to fulfill our clients’ home ownership dreams. This agreement will see us connect many individuals to their desired land and housing units, both of which help build inclusive and sustainable communities.”
The Stanbic Bank Affordable Housing Loan is also available to Kenyans living abroad, with interest calculated on a reducing balance basis.
Additionally, the bank offers to take over existing mortgages and unsecured loans from other financial institutions under specific conditions, providing a seamless transition for customers seeking better financing terms.
Moses Muriithi, CEO of Fanaka Real Estate, expressed his enthusiasm for the partnership: “We are committed to the belief that accessible home ownership is a fundamental right for every citizen. Our partnership with Stanbic Bank underscores our dedication to providing homes for individuals across all income levels.”
Stanbic Bank’s affordable housing platform, implemented in collaboration with KMRC, offers competitive interest rates and long-term repayment tenors.
The platform provides clients with both construction and ‘Buy & Build’ propositions, ensuring that a wide range of housing needs are met.
