NCBA Bank has signed a strategic partnership with property firm Optiven to grow its property finance business.
The agreement will enable NCBA customers buy their desired plot of land and build a residential or commercial unit. The bank will also offer customers financing of up to 25 years.
NCBA Deputy Director, Consumer Banking Mercy Kagwiria said the partnership will enable its customers access property financing solutions in a seamless manner.
“Our property financing offers tailor-made services that meet unique requirements of our customers. The bank’s customers will benefit from value-added services and unmatched offers from the bank’s ever-expanding list of service providers and vendors,” she said.
Ms Kagwiria said the lifting of the interest rate caps has prompted renewed interest by investors in the property market. The bank projects the sector to record growth of at least 15 per cent in 2020.
“NCBA is keen to tap growth in property market, which is recovering following the removal of the interest rate cap,” she said.
Optiven Group Chief Executive George Wachiuri said the deal will enable NCBA customers access value added plots for residential settlement, commercial purposes and future capital gains.
“NCBA customers will access our value added plots that eventually become part of a gated community. Buyers will have the option of building their own home or contracting Optiven Construction, a subsidiary of the company, to build for them,” he said.