Ruto announces the launch of new loans for the purchase of affordable houses
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Ruto reveals a plan for new loans (mortgage) with an interest rate for Kenyans for the purchase of affordable houses
Ruto reveals a plan for new loans (mortgage) with an interest rate for Kenyans for the purchase of affordable houses.
In an attempt to accelerate the ownership of affordable houses that are under construction, President William Ruto is preparing to roll out the new Affordable Houses Financing.
Speaking on Thursday at the Buxton housing project handover in Mombasa, the Ruto disclosed that low-income Kenyans will have the opportunity to obtain funding for their homes through the mortgage-style financing program.
He went on to say that different loan packages will have interest rates that fall into different ranges of 3% to 9%.
The President did, however, insist that the interest rates offered by the new credit facility will be much lower than those of banks.
“We are going to operationalize Affordable Housing Financing. It was passed by the Cabinet and Lands CS will gazette it in the coming two weeks,” he told a cheerful congregation.
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“The current mortgage of 18 percent will be reduced to 3 percent for the social housing (lower class). Those for affordable housing (middle class) will now have the mortgage at 6 percent and the rich will have the mortgage reduced from 18 to 6 percent. We want all Kenyans to own houses.”
President Ruto also promised to strip all taxes from raw materials used in the affordable housing process to speed up the delivery of the projects at a lower cost.
“I have told the governor that I am going to remove taxes on all building materials used in affordable housing so that they can be accessed at a cheap price,” he added.
“We have agreed that we cannot continue to import the materials. That is why we have placed taxes on imported furniture.”
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