NAIROBI, Kenya, Sep 19 – Mi Vida Homes has inked a partnership with Gulf African Bank to offer Shari’ah-compliant affordable home financing solutions.
The partnership which will be offered to both customers and non-customers of the Gulf African Bank has a mortgage rate of 11.75 per cent upon approval which is granted in 48 hours.
Homebuyers will have options of accessing Mi Vida units at either their newly completed projects in Garden City or the new project in Riruta among other Mi Vida homes projects with the financing of up to 90 per cent of the property value.
The financing options the lender is offering are anchored on its Shari’ah banking principle and have a concession of up to 2.75 per cent of the financed amount to cater for financing costs.
Mi Vida Homes Chief Executive Officer Samuel Kariuki noted that the partnership with Gulf African Bank is part of its strategy to increase financing options for potential home buyers.
“We are constantly seeking partnerships with institutions that offer potential homeowners a wide variety of home financing options. Gulf African Bank has unique product offers for customers who prefer using financing models that are anchored on Shari’ah principles,” said Kariuki.
On its part, Gulf African Bank noted that it has made access to the financing needed to purchase housing units that meet the needs of affordability and quality that Kenyans want available.
“Our mortgage offering features Mortgage transfers or takeovers from other institutions outright purchases for new home buyers, Diaspora mortgages and Equity release arrangements. The bank accepts multiple payment vehicles including pay slips, cash savings and the sale of investment property. Customers will also enjoy a repayment period of up to 20 years,” said Anuj Mediratta, Gulf African Bank CEO.
The partnership comes after the developer recently completed Mi Vida Garden City, a project that consists of 221 apartment units in Garden City estate which encompasses retail and commercial spaces within the confines of a single location.
Mi Vida Homes also announced that it will develop affordable housing units in Riruta as it also eyes projects in other areas in line with its ambition of delivering quality and affordable housing to the Kenyan market.
