Co-op Bank Partners With Kenya Mortgage Refinance Company to Offer Affordable Housing Loans

Head of Legal Services at Kenya Mortgage Refinance Company Elisha Nyikuli, Director of Corporate and Institutional Banking at Co-op Bank Jackie Waithaka and the CEO National Co-operative Housing Union Mary Mathenge at the stakeholders' workshop for the Co-op Bank - KMRC Affordable Mortgage held at Fairmont Norfolk Hotel on Thursday, March 23, 2023
Head of Legal Services at Kenya Mortgage Refinance Company Elisha Nyikuli, Director of Corporate and Institutional Banking at Co-op Bank Jackie Waithaka and the CEO National Co-operative Housing Union Mary Mathenge at the stakeholders' workshop for the Co-op Bank - KMRC Affordable Mortgage held at Fairmont Norfolk Hotel on Thursday, March 23, 2023
Co-op Bank

Co-operative Bank customers can now access affordable housing loans to purchase developed residential homes and buy plots to build residential homes.

The new mortgages were the highlight of the Co-operative Bank and Kenya Mortgage Refinance Company (KMRC) stakeholder’s workshop at the Fairmont Norfolk Hotel on Thursday, 23 March 2023.

Among the attendees were the Head of Legal Services at Kenya Mortgage Refinance Company, Elisha Nyikuli, the Director, Corporate & Institutional Banking at Co-op Bank, Jackie Waithaka, and the Chief Executive Officer of National Co-operative Housing Union, Mary Mathenge. 

Qualifications for the loans include being a customer who has banked for six (6) months with Co-op Bank and having a maximum household gross income of Ksh150,000.00. 

The loans are offered at an interest rate of 9.9% p.a. However, the balance facility fee can be reduced to 2% of the loan amount in a one-off after the loan is taken. 

Among the terms of the loan include security - property under purchase only. 

Employed applicants can take loans of up to 15 years, and up to 10 years for self-employed applicants. 

The minimum loan amount offered is Ksh500,0000, and a maximum of Ksh6 million for properties in the Nairobi Metropolitan and Ksh5 million for properties outside the Nairobi Metropolitan. 

Customers can top up their loans under the Commercial Rate upon repaying the loan for at least 12 months.