Absa Bank Kenya has partnered with Tatu City to offer preferential mortgage finance rates to potential home buyers at the Special Economic Zone development on 5,000 acres, just 30 minutes from downtown Nairobi.
The bank will provide homeownership facilities including construction loans, equity releases and LARIBA mortgages, as well as insurance products such as mortgage protection, fire insurance and retrenchment cover. As part of the new partnership, the bank will avail up to 80% financing to normal mortgage applicants and 100% financing to customers who take up construction mortgages. In addition, there will be no early repayment charges on these facilities.
While making the announcement, Absa Bank Kenya PLC Head of Mortgage George Laboso said, “We are pleased to partner with Tatu City which welcomes dozens of new homeowners to the city every week. This partnership will enable us to help these homebuyers realise their dreams. We are equally excited to help existing owners unlock capital to finance their construction and other home needs.”
On her part, Tatu City Head of Residential Sales Beatrice Njeri said: “Tatu City’s mission is to offer homes and serviced plots that are accessible for all incomes and the Absa partnership underscores that commitment.”
Absa Bank Kenya has been in the mortgage space for many years offering some of the longest-tenured mortgages of up to 25 years in the market and will continue expanding its products and services in this area. To mention but a few, the bank offers several solutions including New Home Purchase Plans, Buy to Let, Construction Mortgage, Plot and Construction, LaRiba Mortgage as well as Foreign Currency Mortgages.
“We understand just how difficult it is for many people to own a home, despite this being a dream for most Kenyans. It is our brand purpose- to help all our customers achieve their ambitions, aspirations and possibilities in the right way,” Laboso added.
The bank has assigned a dedicated Relationship Manager to clients who own homes or are purchasing properties in Kijani Ridge, where Tatu City sells fully serviced plots from KES 12.4 million.
Tatu City recently received approval from the National Environment Management Authority to start development on the project’s 2,500-acre second phase. The city’s first phase, also 2,500 acres, has more than 50 businesses operating or developing, two schools open educating 3,000 students daily and more than 5,000 homes delivered or under construction.