Kimisitu DT SACCO has launched a new affordable mortgage product in partnership with the Kenya Mortgage Refinance Company (KMRC), offering members long-term financing aimed at making homeownership more accessible.
The launch took place during the Nairobi Members’ Education Forum and marks a major milestone in the SACCO’s efforts to support financial independence and expand access to affordable housing.
The new mortgage solution allows eligible members to access financing of up to Kes.10.5 million at an interest rate of 9% per annum.
The facility offers repayment periods of up to 25 years and financing of up to 105% of the property’s value for the purchase or construction of residential homes.
Speaking during the launch, Kimisitu DT SACCO Acting Chief Executive Officer Catherine Odhiambo described the initiative as a landmark achievement for the institution.
“Today marks a historic milestone for Kimisitu DT SACCO. For the first time in our history, we are introducing a mortgage product at a single-digit interest rate of just 9% per annum. This is more than a new product, it is a demonstration of our commitment to making homeownership genuinely affordable for our members.”
Odhiambo added that the SACCO has strengthened members’ borrowing capacity through a loan multiplier of up to seven times their deposits.
“We have also enhanced members’ borrowing capacity through an industry-leading loan multiplier of up to seven times (7×) a member’s deposits, enabling more members to qualify for higher-value mortgages while enjoying long repayment periods of up to 25 years.”
According to the SACCO, the mortgage products are designed to address the growing demand for affordable housing finance while supporting Kenya’s broader affordable housing agenda.
The initiative also reinforces the role of SACCOs in promoting financial inclusion and socio-economic development.
Members attending the Nairobi Members’ Education Forum also received financial literacy training and guidance on the mortgage application process, eligibility requirements and the benefits of long-term housing finance.
The event featured exhibitions by strategic housing and real estate partners, giving members access to property developers and housing solutions in one location.
by STAR REPORTER
