Speaking in Homa bay county during the 62nd Madaraka day celebration, President William Ruto announced that he will champion a constitutional reforms that will allow Kenyans get access of up to ksh5 million in low interest loans for mortgages.
The President revealed that the move will not only help those seeking to be the first homeowners but also those grappling with mortgages.
I’m pleased to announce today that I shall be proposing to parliament a reform to the law that will allow any contributor to access an affordable home loan of ksh5 million at a single digits interest rate, applicable to any housing unit in the market.
This facility will also enable contributors to offset existing mortgages, offering greater flexibility in their housing journey, allowing many to significantly ease their home financing costs.
This comes days after the first 1,800 Kenyans received keys to occupy units at Mukuru Kwa Reuben in Nairobi, where they will rent to own the units, a system that may take up to 30 years.
President Ruto further revealed that he had overseen the handling of over 110 housing units in Homa bay county
