CBA Launches New and Affordable Property Finance Proposition

By Soko Directory Team / Published July 7, 2016 | 6:00 am



Commercial-Bank-of-Africa (cba)

Commercial Bank of Africa has revamped its Property Finance Proposition, in an effort to encourage more Kenyans to own homes and make other affordable real estate investments.

The proposition includes mortgage financing of up to 105% of the property value, to enable CBA customers achieve their dream of owning their own homes. The bank has launched a marketing campaign dubbed “105% Own Your Own Home (105OYOH)” to sensitize customers about the offering, which will also entail streamlining of processes to reduce the time taken before one can own the property, lower overall costs and creating value addition by signing strategic partnerships to give CBA customers more value.

“The journey towards home and property ownership in Kenya has always been long, tedious, expensive and often laden with uncertainties. These factors, singularly and combined, are enough to discourage one from investing in a home despite having the requisite income to enable them realize this noble dream,” said Jeremy Ngunze, Chief Executive Officer, CBA Kenya.

He added, “What many people do not know, for instance, is that if you are 24-years-old and you earn a minimum salary of Kshs. 25,000 you qualify to get a mortgage that can enable you move into your own home. This home can be expanded over time as your income and family size grows, making it very convenient.”

At the event, CBA formally signed agreements with KOTO Housing Kenya and Bamburi Cement, who are some of the strategic partners who will bring the Property Finance proposition to life. CBA will on its part offer affordable financing and access to a pool of experts, to help meet the legal and statutory requirements.

Read: Equatorial Commercial Bank Rebrands to Spire Bank

“KOTO Housing Kenya brings to the table a disruption in the home ownership narrative. We use the more affordable light weight panels to build the most affordable permanent homes in Kenya within 30 days. But more importantly, is that with KOTO homes you can start by building one room, move in, and then build the other rooms over time,” said Moses Nderitu, Chief Executive Officer, KOTO Housing Kenya Ltd.

Bamburi Cement will on the other hand bring their long standing experience in the construction industry by offering architectural drawings, bills of quantities/schedule of materials, on-site technical support and access to quality building materials through its partner outlets for the construction of homes at a cost ranging from Kshs. 500,000 for a single room unit, to 4-bedroom maisonettes going from Kshs. 4.5 million.

“The main assurance we give customers is peace of mind as they go on about their home ownership journey. We step into the void that has been left by the lack of honest and well skilled supervisors and other professionals to ensure that your journey is stress-free. We also give customers access to cost effective materials through our network of distributors across the country,” said Susan Maingi, Director of Corporate Affairs, Communication and Sustainable Development, Bamburi Cement.

Customers will only need to walk into a CBA Branch across the country to take either of these paths towards home and other real estate property ownership.

The current properties market consists of 24,500 mortgages valued at Kes. 203 Billion. The number of houses being built are less than 50,000 against a current annual demand of 240,000 houses per year for a population of more than 40 million people, a majority of whom aspire to own their homes.




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team


More Articles From This Author








Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2024
  • January 2024 (238)
  • February 2024 (227)
  • March 2024 (190)
  • April 2024 (51)
  • 2023
  • January 2023 (182)
  • February 2023 (203)
  • March 2023 (322)
  • April 2023 (298)
  • May 2023 (268)
  • June 2023 (214)
  • July 2023 (212)
  • August 2023 (257)
  • September 2023 (237)
  • October 2023 (266)
  • November 2023 (284)
  • December 2023 (176)
  • 2022
  • January 2022 (293)
  • February 2022 (329)
  • March 2022 (358)
  • April 2022 (292)
  • May 2022 (271)
  • June 2022 (232)
  • July 2022 (278)
  • August 2022 (253)
  • September 2022 (246)
  • October 2022 (196)
  • November 2022 (232)
  • December 2022 (167)
  • 2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (259)
  • May 2021 (285)
  • June 2021 (272)
  • July 2021 (277)
  • August 2021 (232)
  • September 2021 (271)
  • October 2021 (305)
  • November 2021 (364)
  • December 2021 (249)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (333)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (251)
  • February 2019 (215)
  • March 2019 (283)
  • April 2019 (254)
  • May 2019 (269)
  • June 2019 (249)
  • July 2019 (335)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (318)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (275)
  • April 2018 (223)
  • May 2018 (235)
  • June 2018 (176)
  • July 2018 (256)
  • August 2018 (247)
  • September 2018 (255)
  • October 2018 (282)
  • November 2018 (282)
  • December 2018 (184)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (189)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (164)
  • February 2016 (165)
  • March 2016 (189)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (247)
  • September 2016 (233)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (164)
  • April 2015 (107)
  • May 2015 (116)
  • June 2015 (119)
  • July 2015 (145)
  • August 2015 (157)
  • September 2015 (186)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (205)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950