Nairobi, KENYA: Kenya Commercial Bank KCB has signed a multi-million shillings staff loan deal with the Kenya School of Government (KSG).
This will enable the employees of KSG across the country to access affordable mortgage financing and car loans from the Bank.
According to KCB Group Chief Operating Officer Samuel Makome, under the financing agreement, KCB Bank will be giving the mortgages at an affordable interest for a maximum of 25 years.
This will enable KSG employees to buy ready-made houses, undertake construction of own homes, purchase residential plots and enjoy equity release facilities at a concessionary rate of 3.4% per annum,
“We are keen on 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,” said Mr. Makome.
The cash-backed scheme arrangement is one of the innovative ways that KCB Bank has developed to facilitate affordable long-term mortgage financing that allows single-digit borrowing.