Unity Homes, a leading real estate developer, and Absa Bank Kenya have unveiled a groundbreaking partnership aimed at facilitating affordable housing opportunities within the thriving Tatu City development.
This strategic collaboration is set to empower potential homebuyers with access to Kenya Mortgage Refinancing Company (KMRC)-backed mortgages, offering extended terms of up to 25 years.
In a move that promises to redefine homeownership, this partnership opens doors for Kenyan citizens, both salaried and self-employed, to embark on their journey towards acquiring their dream homes in Tatu City.
"We are glad to announce that we have partnered with Absa Bank Kenya to offer affordable mortgage solutions to potential home buyers for our Unity One development in Tatu City. The collaboration will see Absa Bank provide Kenya Mortgage Refinancing Company (KMRC)- backed mortgages with terms of up to 25 years," Unity Homes announced.
Under the arrangement, individuals who have contributed a 10 per cent deposit of the housing unit's value will have the opportunity to purchase a one-bedroom apartment for an affordable monthly rate of Sh49,500, featuring a competitive fixed interest rate of 9.5 per cent for the initial nine years.
Tatu City, a sprawling modern development, boasts a range of housing options, with prices commencing at Sh5.95 million.
These contemporary apartments are designed to cater to the diverse needs of prospective homeowners, offering a comfortable and convenient lifestyle within the city's boundaries.
Jason Horsey, the Executive Director at Unity Homes, underscored the inclusivity of this mortgage application.
"This partnership 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," Horsey stated.
To be eligible for this transformative opportunity, applicants will need to meet specific requirements, including providing their Kenya Revenue Authority (KRA PIN, bank statements, and business permits.
The mortgage amount will be determined based on the property's price and the applicant's qualifications.
Absa Bank Kenya expressed its unwavering commitment to guide individuals throughout their homeownership journey, aligning with the partnership's core objectives.
In the words of the bank, they are dedicated to "walking the homeownership journey with Unity Homes every step of the way."
This collaboration between Unity Homes and Absa Bank Kenya heralds a new era in affordable housing solutions for Kenyan citizens, providing access to a range of housing options that align with their financial capabilities.
As Tatu City continues to flourish as a mixed-use development, this initiative aims to create a positive impact on the lives of many, turning homeownership dreams into a tangible reality.