Housing Principal Secretary Charles Hinga said on Thursday the financiers include Equity Bank, KCB, NCBA, Stanbic Bank, Absa and Housing Finance. The banks, he said, will finance potential home-owners to purchase both government-built houses and units delivered by private developers registered on the Boma Yangu portal. The partnership comes a few days after Mr Hinga asked banks to partner with building contractors and landowners in formulating mortgage products based on financial ability of individuals. The support by commercial banks comes at a time the state has failed to allocate cash for civil servants’ housing scheme for the second fiscal year in a row. These members will directly benefit from the partial credit guarantee to access mortgage finance from the six banks subject to the respective credit approval processes.

Source: Daily Nation June 12, 2020 03:48 UTC