This archive report was first published on 24 September 2019.
On September 24, 2019, Barclays Bank of Kenya signed an agreement with Centum Real Estate to finance buyers of properties in Kilifi and Nairobi at discounted interest rates.
The agreement, which covers properties in Palm Ridge Estate and Awali Estate in Kilifi County, The Riverbank Apartments, and Cascadia Apartments in Nairobi, will see Barclays provide loans at interest rates ranging from 11.5 percent to 11.9 percent.
This represents a discount of up to 1.5 percentage points compared to the current maximum lending rate of 13 percent by commercial banks.
Under the agreement, Barclays will fully fund houses sold at below Sh10 million and provide 90 percent financing for units priced above that level.
According to Samuel Kariuki, managing director of Centum Real Estate, the partnership signals the company's commitment to making homeownership a reality for Kenyans.
"The signing of this agreement with Barclays signals our commitment to ensuring that Kenyans have an opportunity to own a home in a master-planned city that integrates world-class infrastructure and recreational amenities," Mr. Kariuki said.
David Hardisty, director of retail and business banking at Barclays, noted that the deal is part of the lender's strategy to expand its housing loans portfolio.
