This archive report was first published on 29 June 2020.
On June 29, 2020, Absa Bank Kenya announced a partnership with Tatu City to boost home ownership in Kenya. The partnership aims 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.
As part of the new partnership, Absa Bank Kenya will provide home ownership facilities including construction loans, equity releases, and LARIBA mortgages, as well as insurance products such as mortgage protection, fire insurance, and retrenchment cover. The bank will also offer up to 80% financing to normal mortgage applicants and 100% financing to customers who take up construction mortgages, with no early repayment charges on these facilities.
According to George Laboso, Head of Mortgage at Absa Bank Kenya, “We are pleased to partner with Tatu City which welcomes dozens of new home owners to the city every week. This partnership will enable us help these home buyers realise their dreams. We are equally excited to help existing owners unlock capital to finance their construction and other home needs.”
Beatrice Njeri, Head of Residential Sales at Tatu City, added: “Tatu City’s mission is to offer homes and serviced plots that are accessible for all incomes and the Absa partnership underscores that commitment.”
With this partnership, Absa Bank Kenya aims to expand its products and services in the mortgage space, offering solutions such as New Home Purchase Plans, Buy to Let, Construction Mortgage, Plot and Construction, LaRiba Mortgage, and Foreign Currency Mortgages.
