Absa Bank has introduced 105% mortgage financing, empowering Kenyans to realize their dreams of homeownership at a fixed interest rate of 9.5%.
This offering enables prospective homebuyers or those planning to construct their homes to access financing of up to KES 10.5 million, repayable over a flexible tenure of up to 25 years and it is accessible to individuals across all income brackets.
The 105% offering covers all associated costs including due diligence, valuation, Stamp Duty, legal fees, and transactional expenses, this comprehensive package makes homeownership more attainable than ever before.
In addition, the bank offers re-mortgage financing of up to KES 10.5 million at the same fixed interest rate of 9.5%, catering to individuals seeking to obtain a new mortgage with the bank.
Head of Mortgages at Absa Bank Kenya PLC, John Kaburu, stated that the product was developed in response to the current operating environment, aiming to assist more Kenyans in their pursuit of homeownership.
“As your financial partner, we recognize the challenges posed by the current economic climate and its effect on consumers’ purchasing power. Therefore, we have designed a mortgage solution to provide affordable credit, allowing prospective homeowners to fulfill their aspirations at ease,” said Mr. Kaburu.
