Kenya Mortgage Refinance Company Provides Affordable Mortgage Refinance Options

The Kenya Mortgage Refinance Company is a game-changer for Kenyan homeowners. It provides affordable mortgage refinance options to help individuals and families achieve their dream of owning a home.

One of the key benefits of the Kenya Mortgage Refinance Company is its ability to offer competitive interest rates. This means that borrowers can save money on their mortgage payments and allocate those funds towards other important expenses.

The company's focus on affordable mortgage refinance options is particularly beneficial for low- and middle-income households. These households often struggle to access affordable housing finance due to high interest rates and stringent lending requirements.

A fresh viewpoint: Class B Shares Private Company

Kenya Mortgage Refinance Company offers mortgage refinance services to banks and SACCOs, providing long-term funds at a fixed interest rate of 5.0% with a repayment period of up to 25 years.

This facility is designed to mitigate risks for lenders, particularly for high-risk individuals, including low to mid-income workers. The credit-sharing facility is poised to expand KMRC's reach to workers in the informal sector, which comprises approximately 84.0% of Kenya's labour force.

KMRC provides loans to mortgage lenders, pegged at KSh 8 million in Nairobi, Kiambu, Machakos, and Kajiado and KSh 6 million in other parts of Kenya. The facility is accessible to individual borrowers whose monthly salary is not more than KSh 150,000.

KMRC has a concessionary funding arrangement with the World Bank and African Development Bank, which enables it to provide bigger mortgages of more than KSh 8 million for developers handling massive housing projects.

Here are some key statistics about KMRC's mortgage refinance services: