, NAIROBI, Kenya, Jul 5 – Alexander Forbes Retirement Fund has set aside Sh10 billion in what Chief Executive Officer James Olubayi says are plans to construct medium cost houses in the country.
Olubayi said the fund decided to venture into the real estate market to capitalise on the Jubilee government’s plan to create affordable and decent housing to meet the high demand.
“We have already secured 30 acres of land in Kitengela where we plan to put up the medium cost housing, and we will priorities our members when selling, they will get lower rates of the sales.
The deal will also be available for non contributors as well.
Olubayi also said that the fund has also launched a mortgage facility for its members.
He said that the mortgage plan will enable the members of the fund to utilize up to 60 percent of their accumulated benefit under the fund as collateral towards mortgage security.
He said this will improve their credit worthiness and enable them access more than 90 percent from financial institution.
“For the everyday Kenyan mobilising capital to undertake the purchase of a property is quite an uphill task, we want to make this easy for our members,” he said.
He said that the facility will be one of the ways through which more Kenyans can have a permanent shelter and a title deed.