SBM Bank Kenya and Fusion Estates have entered into a Memorandum of Understanding to make mortgage financing of up to 90 per cent available to eligible homebuyers.
The partnership is aimed at making property ownership more accessible while attracting both local buyers and Kenyans living abroad, particularly in the United Arab Emirates, United States and United Kingdom.
Under the agreement, SBM Bank Kenya will provide its mortgage financing expertise, while Fusion Estates will bring its experience in property development to the partnership.
SBM Bank Kenya Chief Executive Officer Bhartesh Shah said the financing arrangement would help address one of the major challenges facing people seeking to own homes.
He said providing financing of up to 90 per cent would reduce the amount buyers need to raise upfront and give Kenyans greater opportunity to invest in quality property developments.
Fusion Estates currently has several developments in its portfolio, including a project in Narumoru where more than 60 per cent of the units in the current phase have already been sold.
The company also has a smaller development in Kitengela, while its flagship project is Oak Grove City in Juja, a master planned community comprising both residential and commercial properties.
Oak Grove City offers plots ranging from one eighth of an acre to one acre, giving buyers the option to build homes based on their preferences, subject to architectural approval.
The development is designed to accommodate buyers across different income levels and plot sizes, with land prices ranging from KES 3.3 million to KES 24 million.
Fusion Estates Group Chief Executive Officer Daniel Kamau said the partnership would help expand access to well planned housing while creating more opportunities for buyers looking for properties at different price points.
He also said having a reliable financing partner would make property investment easier for Kenyans in the diaspora who want to acquire real estate back home.
The partnership comes as both companies seek to combine financing and property development to broaden access to home ownership and encourage more Kenyans at home and abroad to invest in the country’s real estate market.
