David Idoru, head of retail banking at StanChart. file photo | nmg
Prospective homeowners could borrow up to Sh100 million at 13
per cent annual interest or at six per cent for dollar denominated
mortgages from Standard Chartered Bank
.
This
is after the lender introduced the Kenya shilling and
dollar-denominated loan products targeting to disburse Sh4 billion in
the next two months.
Head of retail banking David
Idoru said the new products emanated from a market survey conducted in
Kenya and eight other Asian countries that indicated home ownership and
children’s education enjoyed top priority for most individuals.
He said the bank was ready to meet demand for mortgage loans
using the new products that mitigate difficulties experienced by Kenyan
borrowers after introduction of the interest rate capping law which
tightened regulations for dishing out loans.
“We are
introducing flexibility based on our customers’ feedback. This facility
allows customers to plan in the long term up to 25 years,” said Mr
Idoru.
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