Customers at a KCB branch in Nairobi. PHOTO | FILE
KCB Group mortgage holders will get discounts of up to 35 per cent when purchasing paint, cable and water heating systems after the institution entered into partnership with three manufacturing firms.
The bank has partnered with listed cable maker East African Cables, Crown Paints and Chloride Exide in a bid to drive up the uptake of housing loans.
Crown Paints will give a price cut of 35 per cent to bank’s mortgage borrowers who will also access 25 per cent discount on solar water heating systems from Chloride Exide.
East African Cables will give a 20-per discount for cables to the mortgage holders.
“We have worked out a comprehensive plan meant to boost home ownership and development across the country, hinged on offering an expanded product proposition,” said the bank’s chief business officer Samuel Makome.
Uptake of mortgage loans in the country has been low, at 22,013 as at end of 2014, causing the government to form a special committee to make proposals on how to increase uptake.
High interest rates and cost of construction were identified as key causes of the low uptake.
KCB had the largest number of mortgage accounts, 5,914 accounts, valued at Sh2.5 billion.
The bank has sponsored 30 developers to travel to Brazil and learn new construction technologies and advancements in the real estate industry.
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