Mi Vida Homes and Gulf African Bank have entered into a partnership that targets homeowners seeking to take advantage of the prevailing low mortgage rate of 11.75% to purchase homes financed in a Shari’ah-compliant manner.
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The partnership will allow Gulf African Bank’s customers and non-customers to access Shari’ah-compliant mortgages and related banking products to purchase units at the newly completed Mi Vida project located within Garden City and in any new project by Mi Vida homes.
Mi Vida Homes CEO, Mr Samuel Kariuki, said the partnership with Gulf African Bank is part of the developer’s strategy to increase financing options for potential home buyers. “We are constantly seeking partnerships with institutions that offer potential homeowners a wide variety of home financing options,” Mr Kriuki said. “Gulf African Bank has unique product offers for customers who prefer using financing models that are anchored on Shari’ah principles.”
Gulf African Bank, for its part, said Kenyans will access financing needed to purchase housing units that meet their needs of affordability and quality. “Our mortgage offering features mortgage transfers or takeovers from other financial institutions, outright purchases for new home buyers, diaspora mortgages and equity release arrangements.
Interested buyers will enjoy a record unprecedented approval time of 48 hours and enjoy the lowest mortgage rate at 11.75%. The bank accepts multiple payment vehicles including pay slips, cash savings and sale of investment property. “Customers will also enjoy a repayment period of up to 20 years,” said Anuj Mediratta, Gulf African Bank’s CEO.
Mi Vida Homes recently completed Mi Vida at Garden City, a mixed-use development along Thika Road. The project consists of 221 apartments located in the larger Garden City ecosystem that encompasses retail and commercial spaces in a single location.
Mi Vida Homes also announced that it will develop affordable housing units in the Riruta area of Nairobi County. The developer is also eyeing projects in other areas as part of its ambition to deliver quality and affordable housing to the Kenyan market.
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