Absa ups the stakes in mortgage market with 110% financing deal
Absa Kenya 100 percent home financing model has a repayment period of up to 25 years, making homeownership more attainable for both individuals and owners of small businesses.
Absa Bank Kenya has stirred the mortgage market by rolling out a new plan that offers up to 110 percent financing to help buyers seeking to own real estate property.
The new home financing model has a repayment period of up to 25 years, making homeownership more attainable for both individuals and owners of small businesses.
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According to Absa Kenya, the new financing plan is available for both direct purchase and remortgaging and is open to salaried individuals, SME owners, and Kenyans in the diaspora.
By covering not only the cost of the property but also associated fees such as stamp duty, legal fees and valuation charges, this deal reduces the financial pressure often associated with buying a home.
“Based on insights from our customers we understand that for many people, a home is both a dream and a long-term investment, a place of security today and a store of value for tomorrow. That’s why this offering is designed to ease the burden of the upfront costs while giving customers peace of mind with fixed, predictable payments,” said Beatrice Chege, Head of Mortgage Business, Absa Bank Kenya.
Absa said the deal aims to address the challenge of delayed home ownership, especially for first-time buyers. With rising living costs and competing financial priorities, many Kenyans find themselves torn between saving for a future and securing a home today.
This underscores Absa’s commitment to enabling progress in sectors that matter, including housing, entrepreneurship, and long-term financial wellness.
According to the Kenya National Bureau of Statistics (KNBS), the national homeownership rate has declined from 64 per cent in 2013 to 61 percent in recent years, as economic challenges have continued to outpace wage growth and savings rates.
With this enhanced solution, Absa Bank seeks to bridge that gap, giving more Kenyans a chance to secure a home without compromising their ability to save or invest for the future.
“Homeownership shouldn't come at the cost of your financial freedom. Our role is to walk with customers not just to unlock housing, but to build lives of value and dignity,” Ms. Chege added.
