Unity Homes and Absa Bank Kenya have forged a partnership aimed at enabling prospective homebuyers to acquire houses within Tatu City through an affordable housing scheme.
In a groundbreaking move, Absa Bank Kenya has joined hands with Unity Homes, a leading affordable housing developer, to pave the way for prospective homeowners to acquire residences within the esteemed Tatu City under an affordable housing financing scheme.
Under this collaborative effort, potential buyers who have already deposited a 10 percent value of the housing unit will have the opportunity to purchase a one-bedroom house for an average monthly installment of KES 49,500.
The interest rate is fixed at 9.5 percent for the initial nine years. The starting price for these contemporary apartments is set at KES 5.95 million. Additionally, buyers are required to contribute a minimum 10 percent deposit to be eligible for mortgage consideration.
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Quality Residences at Tatu City
Jason Horsey, the Executive Director at Unity Homes, emphasized, “This partnership with Absa Bank is yet another significant milestone in our ongoing commitment to support the aspirations of many Kenyans, especially those just starting in life, to acquire a home with the highest quality in standard finishes, at flexible repayment terms, and one of the country’s best mixed-use developments comprising homes, schools, offices, a shopping district, medical clinics, nature areas, a sport and entertainment complex, and a manufacturing hub.”
The mortgage application process is open to Kenyan citizens, whether salaried or self-employed, provided they can furnish verifiable income. The mortgage amount will be determined based on the property price and the applicant’s eligibility.
Peter Mutua, Customer Network Director from Absa Bank Kenya, stated, “As a partner for growth for our customers, we are committed to walking the homeownership journey with them every step of the way, and this partnership is aligned to that agenda. We were greatly impressed by the quality of the homes Unity Homes is building in Tatu City, which qualifies them to be a great investment for any Kenyan for years to come.”
Empowering Low and Middle-Income Earners
Absa, as a participating bank in the Kenya Mortgage Refinance Company, offers affordable home loans at an interest rate of 9.5 percent, targeting low and middle-income earners. The bank also offers some of the longest mortgage terms in the industry, extending up to 25 years, with financing of up to 90 percent.
This collaboration is poised to mark a significant stride in the realization of the affordable housing dream through a powerful public-private partnership, combining expertise, technology, finances, infrastructure, incentives, and other essential elements.
With a project size of 600 units of one-bedroom houses under consideration, Unity Homes is concurrently constructing an additional 1200 affordable homes, with plans for an extra 3000 units in alignment with the Government of Kenya’s affordable housing agenda.
Qualification and Application Process
To qualify, employed applicants must present a letter from their employer or an employment contract, a KRA PIN, a letter of offer from Unity Homes, three-month pay slips, and 12-month certified bank statements.
Self-employed individuals will need to provide a business registration or certificate of incorporation, 12 months of audited financials, relevant business permits, a KRA PIN, a letter of offer, and 12 months of certified bank statements. These documents will be submitted to Absa Bank for qualification and due diligence.
The partnership between Absa Bank Kenya and Unity Homes stands as a beacon of hope for many aspiring homeowners, promising a future marked by quality, affordability, and accessibility in the heart of Tatu City’s vibrant mixed-use development.