Nairobi, July 29 -- The State-backed mortgage refinancing firm will triple affordable home loans to Sh7 billion in the year started July, offering a boost to workers push for house ownership.
The funds will be offered to banks and savings and credit cooperative society (saccos) this fiscal year, representing a 154.73 percent jump from the Sh2.748 billion a year earlier, the Kenya Mortgage Refinancing Company (KMRC) said.
The mortgage refinance firm, which got permit to formally start operations in September 2020, offers funds to banks and saccos for onward lending to homeowners at an annual interest of five percent.
The recipient lenders are, in turn, expected to lend out the cash at single-digit interest rate - lower than average market...