NCBA Bank has partnered with Tatu City to provide mortgage facilities to house buyers at the Kiambu County-based mixed-use property development.
Under the deal, the lender will provide prospective homeowners with options including plot purchase, construction financing, buy and build loans, equity release and closing costs.
The mortgage financing will be available for both salaried and non-salaried individuals, is expected to be at an interest rate of 13.0 percent with a minimum deposit rate of 10.0 percent of the property value.
Buyers purchasing land within the Tatu City project will receive up to 70.0 percent financing with a repayment period of up to 5 years while those taking the buy and build option will receive up to 80.0 percent financing with a maximum repayment period of 25 years depending on their employment status.
“This facility enables customers to buy a piece of land and construct simultaneously. For customers who already own a piece of land, our construction solution will go a long way in actualising their dreams,” said Tatu City head of residential sales Beatrice Njeri.
NCBA Head of Property Finance, Stella Mutai said; “Owning a home has never been easier, this partnership has been designed to enable home buyers realise their dream of living and working at Tatu City without the strain of upfront costs.”
This is the second banking institution to partner with the Kiambu based mixed-use property developer after they signed an agreement with ABSA Bank Kenya in June 2020, to provide mortgage loans for home financing including insurance products.
Tatu City home and business owners enjoy amenities such as Nova Pioneer school and Crawford International school. Further, businesses at Tatu City enjoy Special Economic Zone status, such as reduced corporate taxes and zero-rated VAT in the city.