I&M Bank has agreed to finance private buyers of property within the 5000-acre Tatu City development plan.
A Memorandum of Understanding between the two companies will make it easier for buyers to access finance for purchasing land and construction of homes and businesses.
In this case, I&M Bank will enable eligible buyers to buy serviced land or finance construction through offering repayment periods of up to 20 years at interest rates not exceeding 12.5 percent per annum.
I&M Bank CEO Kihara Maina said that the partnership will enable Kenyans to own a home. I&M offers mortgage finance solutions to cater to client needs such as the purchase of property, undeveloped plots, construction, and renovations.
On the other hand, Tatu City features an operational central business district, more than 30,000 homes to suit all income brackets, parks and green spaces, leisure, and medical centers. Tatu will host an approximate 150,000 residents and more than 30,000 daily visitors.