Commercial Bank of Africa (CBA) launched a new mortgage plan under which qualifying first-time homebuyers can receive up to 105 per cent mortgage financing of the property value.
Through its marketing campaign christened “105 per cent Own Your Own Home (105OYOH)’, the lender said it is targeting young working class who have previously faced tedious processes to own a home.
“The journey towards home and property ownership in Kenya has always been long, tedious, expensive and often laden with uncertainties. This product even a 24-year old with a minimum wage of Sh25,000 can now qualify to get a mortgage that can enable them move into their own home – which can be expanded over time as your income and family size grows,” said CBA Kenya Chief executive Jeremy Ngunze.
The product will be undertaken in partnership with KOTO housing Kenya and Bamburi Cement who formally signed agreements with the bank.
“The main assurance we give customers is peace of mind as they go on about their home ownership. We step in the void that has been left by lack of honest and well skilled supervisors and other professionals to ensure that your journey is stress-free,” said Susan Maingi Director of Corporate Affairs, Communication and Sustainable Development, Bamburi Cement.