Targets Kenyans in the country and diaspora mainly UAE, US and United Kingdom. SBM Bank Kenya CEO Bhartesh Shah and Fusion Estates Group CEO Daniel Kamau during the signing of a Memorandum of Understanding in which the bank will facilitate mortgage financing of up to 90 per cent for home buyers /HANDOUT SBM Bank Kenya has partnered with Fusion Estates to offer homebuyers mortgage financing of up to 90 per cent of property value, targeting Kenyans locally and in the diaspora.
The partnership is aimed at lowering the upfront deposit required by prospective homeowners while expanding access to residential and commercial property developments by Fusion Estates, the real estate arm of Fusion Group. The two firms signed a Memorandum of Understanding (MoU) as they seek to tap into the growing demand for property among Kenyans in the country and abroad, particularly in the United Arab Emirates, the United States and the United Kingdom.
SBM Bank Kenya chief executive Bhartesh Shah said the financing arrangement would address one of the key barriers facing prospective homeowners—the deposit required to secure a property. “For many Kenyans, the single biggest obstacle to owning a home has never been the desire.
It has always been the deposit,” Shah said. He said financing of up to 90 per cent would reduce the initial capital required by buyers and enable more Kenyans to invest in property. The partnership builds on an earlier collaboration between the two companies, including a UK investment tour last year targeting Kenyans in London with information on property and investment financing solutions offered by SBM Bank.
Fusion Estates is currently developing three major projects—Narumoru, Kitengela and Oak Grove City in Juja. Narumoru has recorded sales of more than 60 per cent of units in its current phase, while Kitengela is a smaller development targeting a specific segment of the market.
Oak Grove City in Juja is the company's flagship master-planned development, comprising residential and commercial units.