Absa Bank Kenya has inked a deal with Tatu City that will see home buyers offered preferential mortgage financial rates.
Speaking during the announcement, Absa Bank Kenya PLC Head of Mortgage George Laboso said, “We are pleased to partner with Tatu City which welcomes dozens of new home owners to the city every week. This partnership will enable us help these home buyers realise their dreams. We are equally excited to help existing owners unlock capital to finance their construction and other home needs.”
The bank will provide home ownership facilities including construction loans, equity releases and LARIBA mortgages, as well as insurance products such as mortgage protection, fire insurance and retrenchment cover.
Additionally, the bank will avail up to 80% financing to normal mortgage applicants and 100% financing to customers who take up construction mortgages.
The bank has assigned a dedicated Relationship Manager to clients who own homes or are purchasing properties in Kijani Ridge, where Tatu City sells fully serviced plots from KES 12.4 million.
Tatu City recently received approval from the National Environment Management Authority to start development on the project’s 2,500-acre second phase. The city’s first phase, also 2,500 acres, has more than 50 businesses operating or developing, two schools open educating 3,000 students daily and more than 5,000 homes delivered or under construction.