Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
State firm caps cheap mortgage at Sh4 million
A house under construction. The CBK on Friday licensed the country’s first mortgage refinance firm, paving the way for commercial banks to access long-term finance for home loans. FILE PHOTO | NMG
The State-backed mortgage firm will cap cheap home loans at Sh4 million, kick starting operations after the Central Bank of Kenya (CBK) granted it the permit to start lending at an annual subsidised interest of seven percent or nearly half the prevailing market rates.
Home buyers in Nairobi metropolitan area — which extends to neighbouring Kiambu, Machakos and Kajiado counties — will access a maximum of Sh4 million for mortgages, while the funding for the rest of the country has been capped at Sh3 million.
