[Jonah Onyango, Standard]Business NewsThe lenders will finance potential home-owners to purchase houses under the affordable housing programmeSix Kenyan banks have joined the Affordable Housing Programme (AHP) as strategic partners, committing Sh335 billion for end-user financing backed by a partial credit guarantee. The six banks are Equity Bank, KCB Bank Kenya, NCBA, Stanbic Bank, Absa and Housing Finance. The banks will finance potential home-owners to purchase houses under the government-driven AHP — both governments built houses and housing units delivered by the private developers registered on the Boma Yangu Portal. These members will directly benefit from the partial credit guarantee to access mortgage finance from the six banks subject to the respective bank credit approval processes. Access to appropriate affordable housing remains a challenge for the majority of urban dwellers, particularly in the middle and low-income brackets.

Source: Standard Digital June 11, 2020 15:11 UTC