Nairobi, July 23 -- Standard Chartered Bank of Kenya #ticker:SCBK has cut the interest rate on new mortgages and waived legal and valuation fees for customers moving existing facilities from other banks in the latest bid to grow home loans.
Borrowers who take up new mortgages in the next three months ending October will enjoy the discounted rate - a cut from the 13.9 percent average that the bank charges currently.
The product is a variable interest mortgage meaning that the rate changes with market conditions such as benchmark lending rates. Customers wishing to transfer their existing mortgages from other banks to StanChart will also enjoy waived legal and valuation fees - usually a stumbling block when one wants to move a mortgage from...