Real estate developer Superior Homes (Kenya) PLC has unveiled a partnership with Gulf African Bank that will enable home buyers to access mortgage financing at 11.75 percent.
The partnership will see investors seeking to buy housing units access the financing within two days and enjoy up to 90 percent financing from Gulf African Bank, with a financing repayment period of up to 20 years.
Speaking during the signing of the partnership, Superior Homes Kenya Chief Executive Officer (CEO) Shiv Arora noted that the partnership was timely and that it will help boost homeownership dreams for more Kenyans.
“This partnership with Gulf African Bank will allow our customers to enjoy lower profit rates and more importantly position us strategically to reach the niche group of customers who are guided by Shariah values,” said Superior Homes Kenya CEO Shiv Arora.
On his part, Gulf African Bank CEO Anuj Mediratta noted said that their customers will now be able to access financing needed to purchase housing units that meet their needs of affordability and quality.
The partnership will go along way in reducing the housing deficit of approximately two million units per year attributed to rapid urbanization and a high population growth rate.
Some of the housing units developed by Superior Homes Kenya include Greenpark in Athi River and Pazuri at Vipingo in Kilifi County