Lender Absa Bank and Kenyan property developer Mi Vida Homes have launched a 25-year mortgage facility targeting middle-income families seeking affordable homes within Nairobi.
The proposition seeks to increase mortgage uptake by prospective homeowners, offering options towards homeownership such as construction loans and home loans for self-employed individuals with a dedicated team of experts who will walk customers through every step of buying or constructing their dream home.
Absa customers will also benefit from established partnerships with players in the homeownership value chain such as property developers, furnishing partners, and home appliance partners, who will offer homeowners a wide range of benefits among them great discounts. Customers will enjoy a discounted rate of 12.5 percent per annum with up to 90 percent financing.
Absa Bank Customer Network Director Peter Mutua urged both existing and prospective customers to invest in the lengthened payment period and low-interest rates of the Absa – Mi Vida mortgage proposition to own their dream homes.
“As a truly African bank, we understand that home is where the heart is. Therefore, we have availed the Absa – Mi Vida mortgage facility to employed and self-employed customers, presenting a lifetime chance to own ready-to-move-in homes. As a bank, we believe in developing sustainable financing models for our customers, we are offering up to 90 per cent financing within market rates, over a period of 25 years to service their loans,’’ said Mr. Mutua.
The proposition is one of the bank’s contributions towards the government’s housing pillar under the Big 4 Agenda and aims to provide quality family homes with sociable amenities and green spaces that enhance the quality of living spaces to potential homeowners.
“We have a team of dedicated experts that will walk the journey with customers using our financial and non-financial expertise to provide credible information, services, and solutions throughout every step of acquiring their dream home,” Mr. Mutua added.
Speaking during the signing ceremony, Chief Financial Officer Mi Vida Antony Kambiriri said: “We are delighted to partner with Absa Bank Kenya as it brings us closer to our goal of addressing the shortage of middle-income housing in Kenya. There is a huge demand for affordable and middle-income homes and through this partnership, we will bridge the gap in this market to exceed customers’ expectations.”
Mi Vida’s project at Garden City has been centred on green space and family living. Phase 1 at Garden City offers 1, 2- and 3-Bedroom Apartments. The project was launched in 2019 and is on course to be complete by March of 2022.
Besides the Mi Vida proposition, Absa also offers mortgage flexible offers, with different options towards homeownership such as financing land purchases and disbursing construction loans as well as home loans for self-employed individuals.