NAIROBI, Kenya, Aug 28 – Property dealers have a reason to smile after Real Estate firm Finsco Africa Limited entered into a deal with National Bank that will allow its customers to access funding from the lender to purchase land.
The deal comes at a time when many Kenyans who despite willing to buy land end up just shelving their dreams because of financial constraints.
According to the agreement, the partnership will see customers interested in buying currently being sold by Finsco Africa in Thika town access as much as 70 percent of the funding.
CEO of the company John Mwaura said the deal will involve development financing and user finance with a repayment period of even up to 10 years.
Mwaura said customers who purchase their project Thika Grove Chania will benefit immensely from the partnership.
The real estate firm which is known for its clean deals has put up close to 200 acres of land where they are targeting middle and upper middle class who may want to set up residential areas In a controlled development.
The land has a close proximity to Thika and Nairobi.
Mwaura says that land and housing are some of the fastest growing sectors in the country hence the need to bring many Kenyans on board.
“We have a growing demand for houses especially from the middle class. Satellite towns are growing at a significant rate and that’s why we need to provide sufficient land for the same,” he said.
Mwaura further said that Kenyans have really been moving outside the already crowded Nairobi leading to the demand for land being high in towns close to the capital.
Chairman Association of Real Estate Stakeholders Kinyua Wairatu lauded the partnership saying it will help Kenyans own land.
Wairatu who is leading a rigorous campaign of bringing sanity in the real estate sector urged more partners to come on board saying that many Kenyans have been yearning to own land but they are usually turned down by financial constraints.
“We formed RESA to clean this sector. Kenyans can already see that genuine companies like Finsco who are our members are partnering with banks. This is a welcome move and I urge Kenyans to only trade with companies that are under our umbrella. We want land sector to be clean and free from controversies,” he said.
Finsco company targets to build close to 10,000 affordable units in line with the government agenda to provide affordable housing.
