Tatu City, Absa Bank sign mortgage financing deal

Tatu City has inked a deal with Absa Bank Kenya #ticker:ABSA that will see home buyers and developers access preferential mortgages at the Kiambu County-based Special Economic Zone development.

The bank will provide home ownership solutions such as construction loans, equity releases and Lariba mortgages, as well as insurance products such as mortgage protection, fire insurance and retrenchment cover.

Under the deal, applicants will enjoy up to 80 percent financing on normal mortgages as well as 100 percent financing on construction mortgages. There will be no early repayment charges.

Absa Bank Kenya head of mortgage George Laboso said the deal gives home buyers and developers capital needed to finance construction and other home needs.

Tatu City head of residential sales Beatrice Njeri said the partnership is aimed at making home ownership accessible to all income earners.

“We understand just how difficult it is for many people to own a home, despite this being a dream for most Kenyans,” Mr Laboso said.