But very soon this will be a reality as Kenyans begin to own affordable houses, according to Johnstone Olteita, the CEO of Kenya Mortgage Refinance Company (KMRC). “The rent you are paying now can actually be your repayment for the house,” said the new CEO of KMRC in an interview. Other major primary mortgage lenders that National Treasury targeted were Co-operative Bank, Equity and Standard Chartered. “KMRC will lend to primary mortgage lenders long-term and they can match their long-term funds with the long-term investment in housing. Primary mortgage lenders have made an undertaking that they will not lend at more than nine per cent.

Source: Standard Digital January 07, 2021 06:00 UTC