In a significant stride towards promoting homeownership and financial inclusion, several prominent banks in Kenya have announced partnerships with Mi Vida Homes, a leading real estate developer in Nairobi. These partnerships aim to revolutionize the real estate and banking sectors by providing individuals with unprecedented access to mortgage loans, making the dream of owning a home in Nairobi a reality for many.
Nairobi has witnessed a surge in demand for affordable housing in recent years. However, the financial constraints associated with purchasing a home have often remained a significant hurdle for aspiring homeowners. In an effort to address this issue, Mi Vida Homes, known for its commitment to quality, affordability, and on-time delivery, has collaborated with several esteemed banks to provide customized mortgage solutions.
Mi Vida Homes also has partnered with several other notable Kenyan banks including Absa Bank, I&M Bank, KCB, Co-Op Bank, HF Group, Gulf Bank and Equity Bank. For more details on what each bank is offering to Mi Vida homebuyers, you can coonects with me Vida.
How does this compare?
In 2022, the CBK found that the average loan maturity for mortgages was 10.9 years with a range from 5 years to 18 years. The average interest rate charged for mortgages in 2022 was found to be 12.3% with a range from 8.2% to 17%.
According to the Central Bank of Kenya’s Bank supervision annual report 2022, Kenyans cited that the high cost of property purchase and limited access to affordable long-term financing, were two of the top three factors keeping them from obtaining a mortgage loan.
Mi Vida has also been working closely with the Kenya mortgage Refinary Company, a financial services company founded in 2018 with the purpose of providing financing to Kenyan banks to better enable them to offer more affordable mortgage loans.
Combining Mi Vida Home’s mission to be the preeminent and most-trustworthy developer of affordable housing with partner banks offering special rates to Mi Vida buyers, both of these obstacles to mortgage access are being addressed.
Benefits to Homebuyers
These strategic partnerships between Mi Vida Homes and the aforementioned banks will bring a plethora of benefits to prospective homebuyers:
The Path Forward
The banking partnerships with Mi Vida Homes mark a significant milestone in addressing the housing crisis in Nairobi, Kenya. Aspiring homeowners can now embark on their homeownership journey with confidence, knowing that they have the support of reputable banks and a trusted real estate developer.
This groundbreaking initiative has the potential to change the lives of countless individuals and families in Nairobi, as they take their first steps towards owning a place they can call home.