Sharp Daily
No Result
View All Result
Friday, June 6, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

KMRC Partners with Cooperative Bank to offer low rate Mortgages

Dennis Otsieno by Dennis Otsieno
March 24, 2023
in News
Reading Time: 2 mins read
Co-operative Bank Kenya slashes airtime charges

Co-operative Bank Kenya [photo/Courtesy]

Kenya Mortgage Refinance Company (KMRC) has partnered with Cooperative bank to offers mortgages at the rate of 9.9 percent. This rate is the least in the market given that the Central Bank of Kenya puts the average mortgage rate in the country at 12.9 percent.

Employees earning not more than Kshs 150,000 per month in Kenya are now eligible to own a house and pay for 15 years at 9.9 percent.

The new low rate is expected to set the pace for the Saving and Credit Cooperative Organizations (Sacco) movement in the country which has found low-hanging fruits in funding affordable housing in the country.

Read: Telkom Kenya on the verge of losing its license on the back of high debts

RELATEDPOSTS

public-private partnerships: A trust crisis or an opportunity for reform?

November 22, 2024

IMF scales back Kenya support with cautious KES 78 billion loan

October 31, 2024

The Affordable mortgage has been made possible by Kshs 549 million initial disbursement from the KMRC which Co-op Bank will top-up with counterpart funding to create a significant kitty for on-lending to customers.

The product was crafted after many months of negotiations and consultations with key housing stakeholders including property developers and micro-credit agencies.

The two firms termed the move as the first major attempt at making mortgages available to the majority and maybe a game-changer towards realizing the long-held goal of affordable housing in Kenya.

Read: Kenya eyeing Kshs. 1.3 trillion UK trade deals

Financing solutions will be made available to landlords, contractors and developers to facilitate a coordinated sector-wide response towards the provision of affordable housing as long-desired by many households in Kenya.

The deal is coming barely two months after Mwalimu Sacco unveiled a plan that will see members access a minimum mortgage of Kshs 500,000 and a maximum loan of Kshs 8 million to build houses.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

The Hospitality Industry Shivered by Weekly protests

Next Post

KICC Sued for Kshs 339 million Compensation Over a Failed Contract

Dennis Otsieno

Dennis Otsieno

Related Posts

News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025

LATEST STORIES

How Kenya’s E-Mobility shift could redefine urban planning

June 5, 2025

Economic liberators are the real heroes and heroines of the year

June 5, 2025

Affordable retirement planning for small businesses with CURBS

June 5, 2025

How Kenyan banks can modernize without marginalizing

June 4, 2025

Human rights concerns over activists’ treatment in Tanzania

June 4, 2025

Decoding stock-based compensation

June 4, 2025

Comparative advantage is the secret to real economic take off

June 4, 2025

Understanding inflation and its impact on everyday life

June 4, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024