Prospective homeowners could borrow up to Sh100 million at 13 per cent annual interest or at six per cent for dollar denominated mortgages from Standard Chartered Bank #ticker:SCBK.
This is after the lender introduced the Kenya shilling and dollar-denominated loan products targeting to disburse Sh4 billion in the next two months.
Head of retail banking David Idoru said the new products emanated from a market survey conducted in Kenya and eight other Asian countries that indicated home ownership and children’s education enjoyed top priority for most individuals.
He said the bank was ready to meet demand for mortgage loans using the new products that mitigate difficulties experienced by Kenyan borrowers after introduction of the interest rate capping law which tightened regulations for dishing out loans.
“We are introducing flexibility based on our customers’ feedback. This facility allows customers to plan in the long term up to 25 years,” said Mr Idoru.