NAIROBI, Kenya, Jul 28 – Mortgage lender Housing Finance has introduced a new account aimed at transforming many rent payers into home owners.
The Crossover Savings Account is a high-yielding account that makes the dream of financing the construction of one’s home a reality.
“This account makes it ideal for long term savings projects for home ownership or any other construction aspiration one may want to pursue,” HF Managing Director Frank Ireri says.
Mr Ireri said the Crossover Account comes as one of the company’s strategies of providing tailor made products that best articulate the needs of its customers.
The account also comes across as timely given Treasury’s decision to introduce pension backed mortgages, which allows retirees to finance their mortgage loans using savings from their retirement schemes.
Some of the unique features of the account include; no account opening balance, minimum account operating balance of Sh5,000 and withdrawals once a quarter.
Attractive tiered interests with highs of up to 10 percent per annum, no ledger fees access to use monthly savings provides for easy pre-qualification when applying for a mortgage are some of the added advantages of the account.
Further, Mr Ireri says, the account provides up to two percent interest discount when applying for mortgage financing making it ideal for up to 25 percent discount on commitment fees.
The crossover account also earns an individual loyalty points on every deposit which can be redeemed for give-aways, which include branded items and household appliances, after one year of regular savings.
Mobilised savings after one year to provide access to up to 100 percent mortgage financing – depending on amount
“This account provides benefits due to your growing deposits as well as when migrating to a mortgage if you are a consistent saver, which are designed to help make your dreams come true,” Mr Ireri said in a statement.