KCB Group has entered into a partnership with Geothermal Development Company (GDC) to offer the parastatal’s employees mortgages.
KCB
Group, Kenya’s biggest bank by assets, will give the mortgages at
“reasonable” rates for a maximum of 20 years, as per the Salaries and
Remuneration Commission recommendations.
KCB Group
chief operating officer Samuel Makome on Tuesday said the cash-backed
scheme is one of the innovative ways that the lender has developed
through a partnership with institutions, to facilitate affordable
long-term mortgage financing that allows single-digit borrowing.
“We
are keen at delivering affordable housing to Kenyans by participating
in both the supply and demand side. At the moment the housing demand
remains high and it is only through such partnerships that we will
manage to deal with the challenge,” he said.
Under the scheme, the GDC staff will be able to buy houses,
build their own homes, purchase plots and enjoy equity release
facilities. The lender is the largest financier of home buyers in the
country with Sh54.3 million outstanding loans.
GDC chief executive and managing director Johnson ole Nchoe said the move would motivate staff and attract and retain talent.
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