NAIROBI, Kenya- President William Ruto has unveiled a government plan to provide loans of up to Sh5 million to Kenyans for the purchase of affordable housing units.
The head of state asserted that this new loan product is anchored on making homeownership more accessible for Kenyans, as part of the government’s broader affordable housing agenda.
“In recognition and appreciation of the sacrifice made by patriotic Kenyans through their contributions to the Housing Levy, I am pleased to announce today that we shall be proposing to Parliament a reform to the law that will allow any contributor to access an affordable home loan of up to Sh5 million at a single-digit interest rate,” he said.
Let’s have the faith to believe in our Plan for transformation; the courage to execute and the patience and focus to build a prosperous and inclusive Kenya that we can all be proud of.
Ruto emphasized that the facility would not be limited to government-constructed units, but would apply to any housing unit in the market.
This, he noted, will give Kenyans more flexibility and choice in their homeownership journey.
According to the president, the proposed reform will also allow contributors to offset existing mortgages.
Ruto reassured the public that the proposed changes are designed to ensure every shilling contributed to the Housing Levy benefits the contributor through access to affordable housing, favorable home loan terms, or mortgage relief.
President Ruto’s administration has been on a charm offensive to woo Kenyans into his ambitious housing project that has faced considerable resistance, with critics dismissing the project as a white elephant.
The government plans to construct 150,000 affordable housing units in several locations across the country.
According to the government,11,000 units have so far been completed.
This special day calls for deep reflection on the state of our collective self-belief as a people. We must stop doubting our country’s potential, ignore the naysayers and embrace change.
