Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Equity Bank and Mabati Rolling Mills Launch Micro Mortgages

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Kenya: Press Releases: Equity Bank and Mabati Rolling Mills Launch Micro Mortgages

Tuesday, 08 November 2011

Nairobi, 8 November 2011 --- In a co-operation with roofing solutions provider Mabati Rolling Mills (MRM), Equity Bank Group launched its new micro mortgages product.

Equity Bank Group’s entry in the micro mortgage class is expected to radically transform the mortgage-financing subsector while addressing the deficit in low cost housing units.

Salaried individuals and entrepreneurs with a monthly income of at least KES20,000 can now obtain micro mortgage product designed to facilitate the erection of low cost housing units. The micro mortgage will finance the cost of purchasing pre-fabricated, quality-assured steel frame structures from MRM.

Equity Bank will provide financing to customers wishing to take advantage of the high quality, cost effective and time saving building solution by MRM across its network of 172 branches countrywide.

Speaking during the signing of a memorandum of understanding between the two firms, Equity Bank Group Managing Director Dr. James Mwangi disclosed that the pioneering partnership would afford low-income earners affordable micro mortgage credit facilities from as low as KES48,000 to finance building construction elements, with the cheapest housing option costing about KES195,000. The new micro mortgages will also carry financing value-add features covering the cost of land purchase and the cost of electricity connection at a fee of KsES35,000 by Kenya Power.

Mortgage financing is already Equity Bank’s fastest growing product category: Barely a year after the mortgage product launch, over KES23bn have already disbursed.

“Today we celebrate yet another milestone in Kenya’s banking and real estate development sector as we unveil the first of a kind micro mortgage product in conjunction with Mabati Rolling Mills,” Dr. Mwangi noted. He added: “This partnership confirms our joint commitment to transform the lives of Kenyans through the rollout of innovative creatively designed financing solutions.”

In the new partnership MRM and Equity Bank, will also be scaling up a behavioral change campaign to encourage a switch from timber based roofing trusses and building beams to the adoption of more environmentally sustainable steel option developed by MRM with the ultimate benefit being forest conservation.

On his part, MBR Chairman Dr. Chandaria noted that the current low cost housing deficit stands at an estimated 200,000 units against a current availability of less than 40,000 units.

“Kenya needs about 150,000 to 200,000 houses, but we are regrettably building paltry 35-40,000 units annually,” Dr. Chandaria pointed out. “With Equity Bank’s support, we now hope to start bridging the gap by facilitating the constructions of at least 5,000 units.”

These affordable housing units can be residential homes or outbuildings in urban areas, townships and municipalities, and are not limited in size, design or even price.

Beyond the steel structures, MRM will also facilitate the training of fundis and artisans at the grassroots level across the counties on the skills required to erect the pre fabricated steel structures in an initiative also geared at creating jobs.

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