NCBA Bank has signed a partnership agreement with Pan-African Housing Development Financier, Shelter Afrique to provide mortgage finance to buyers in five counties in Kenya.
Under the agreement, NCBA will offer mortgage finance to over 200 housing units comprising of maisonettes and apartments that will be developed by Shelter Afrique in Nairobi, Mombasa, Kisumu, Kiambu and Machakos counties.
In a press statement sent to newsrooms, the Shelter Afrique’s Group Managing Director and Chief Executive Officer, Andrew Chimphondah said the units will range from Sh5.5 million to Sh20.25 million. He added that Shelter Afrique has a portfolio of existing projects and is rolling out several new housing developments in Kenya in support of the Big 4 Agenda.
“This cannot be accomplished by one institution, it requires a shared vision and goal. NCBA has proven to be a reliable partner time and time again and we are happy to play our part in addressing the housing shortage in Kenya,” Mr Chimphondah said.
In her remarks, the NCBA’s Head of Property Finance Stella Mutai said the bank will continue to seek partnerships in order to improve access to housing within the country and the region.
“This is an exciting partnership with Shelter Afrique as we work together to bridge the housing gap across the country and the region. The huge volume of houses that our country needs will require closer partnerships to help meet the growing housing needs in our major cities and towns,” said Stella.
Shelter Afrique offers a range of housing products in Kenya and across the continent with a focus on affordable, modern and functional units, and its primary interventions are the financing of large-scale affordable housing projects on the continent and the supply of long-term finance for mortgages.
NCBA Bank seeks to provide customers with property loans to cover purchase of plots, single residential or commercial units, purchase of multiple residential or commercial units, purchase of office blocks and light industrial property.
by Bernadette Khaduli