Stanbic Bank partners with Purshottam Developers in mortgage financing deal.
Purshottam Developers and Stanbic Bank Kenya have entered into
a structured mortgage finance partnership.
Customers will be able to own homes at the
recently finished Magic Dash Apartments in Ruaka at a low cost as a result of
the agreement. Stanbic clients will be able to purchase one to three-bedroom
apartments with a normal minimal deposit and mortgage loan rate at 9.5 percent
for loan amounts less than Sh8 million as part of the agreement, which also
includes the Kenya Mortgage Refinance Company (KMRC).
The Sh400 million apartment complex is
situated on a quarter-acre plot of land on Limuru Road in Ruaka, Kiambu County.
The neighbourhood has become more appealing to developers, residents, and
property investors as a result of a new dual highway and access to the Eastern
Bypass and Kiambu Road.
“Customers will be able to obtain
competitively priced mortgages with lower monthly payments as a result of this
collaboration. As the government’s national housing goals, our strategic aim is
to help bridge the homeownership shortfall across the country “Purshottam
Developers Managing Director Jayesh Chavda stated during the project’s
completion announcement last month.
“Ruaka is a fairly cosmopolitan area
that is ideal for Kenyans seeking ease of commuting and access to the Eastern
Bypass, which connects to Kiambu and Thika highways, Runda, as well as
Parklands, Westlands, and Karen.” There are additional UN headquarters
nearby, as well as commercial complexes like as Two Rivers, Village Market, and
Rosslyn Riviera.”
Head of Mortgages at Stanbic Bank Kenya
Austin Waga said, the partnership will enable Kenyans to obtain
high-quality housing at a low mortgage rate.