KCB seeks partnerships to grow mortgage portfolio

Kenya Commercial Bank (KCB) is set to host potential home buyers this weekend to the last edition of the 2015 Property Tour, in an effort aimed at targeting partnerships to grow its mortgage book.
The announcement follows recent announced its plan by the lender to enter into construction industry as it seeks to address the housing deficit currently standing at 80 per cent.
Available data shows that the third quarter of 2015 represented sustained stability in house prices reflecting a favorable market in the real estate and property sector.
KCB Director of Mortgages Samuel Muturi said that the move will provide a unique platform that allows both established and potential estate developers to meet and share ideas with each other as well as other professionals involved in the real estate industry.
“The Bank’s aim is to build solid partnerships with the like-minded investors willing to invest in the sector with a view to reducing housing deficit in the property sub-sector,” he added.
The drive which is open to both KCB customers and non-customers is further expected to allow potential home owners to determine and enjoy their eligibility, the type of mortgage they can afford and assist them in selecting the proper house design.
Report by Kenya Banker’s Association show that preference of apartment to bungalows and mansions is reflected in their relatively higher price movements than those of the other two house categories. With apartments targeting the middle class, their popularity is a function of their relative affordability.
Demand for houses on offer continued to be influenced by the location of the house a preference for gated communities, and the characteristics that will be appealing to the increasingly discerning households. The ongoing infrastructure developments Nairobi is also driving property boom on the city outskirts.
The tour is slated for this Saturday.