11.9 percent variable rate. Moreover, when transferring home loans, Standard Chartered would also waive valuations fees and legal costs for applications, making the deal much more attractive for those who have already borrowed from other lenders.
“We understand that the pandemic had a negative economic effect which consequently affected financial positions of a substantial number of individuals. It is with this in mind that we have designed a mortgage offer that is both competitive and practical,” the bank’s Head of Consumer, Private, and Business Banking Edith Chumba said. “Homeownership remains a key need for a large segment of the Kenyan population and we want to make the homeownership journey an easy one for our clients.”
She further noted that this rate would also enable customer who already own property to release equity or capital gains from their property and invest these funds in other investment vehicles offered by Standard Chartered itself, including the bank’s attractive Wealth Management solutions. “With a market rate that’s 1.1% lower than the average market rate, we hope that this encourages our clients to start or continue with their homeownership journey supported by a mortgage with a competitive interest rate and payment terms,” Chumba added.
Meanwhile, the bank’s Head Affluent Banking and Client Coverage Kenya and East Africa, Catherine Ayota, noted that while there is an increased demand for mortgages in Kenya, this new deal offered by Standard Chartered will enable customers to take up a home loans that is suited to their income flows and payment preferences.
