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Standard Chartered Bank has lowered its mortgage lending rate to 10.9 per cent in a grand sale offer that started on July 15 and will last 45 days until August 31. The new rate is 1.77 per cent above the Kenya Banks Reference Rate (KBRR).
Although the reduced mortgage rate remains unaffordable to many prospective home owners, other commercial banks must borrow a leaf from StanChart and reduce lending rates. The lenders could even encourage more clients purchase homes on mortgage by embracing “gentlemanly” ways of ensuring defaulters pay up.
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