The government affordable housing units at Park Road in Ngara estate, Nairobi are said to be on an urgent sale, and the state is giving low income earning Kenyans a chance to own a home. – By Gerald Gekara.
The units were earlier inspected by the President Uhuru Kenyatta, are being offered for a price ranging between 1.5 Million to 4 Million shillings.
However, in a bid to accomodate low income earning Kenyans, the government has extended a mortage plan where owners get to pay 12.5 percent of the total cost of the homes, which rounds up to about Ksh 187,000.
The rest, one has to meet a committment on how they will pay the remaining balance in cash or mortage plan by listed partner banks; KCB, NCBA, ABSA, Housing Finance, Co-oP Bank, Equity and Stanbic banks.
In a bid to cushion the ‘big investors’ from a slice of the cake, Housing PS Charles Hinga has said plans have been put to ensure compliance with the requirements of owning the units.
“You can’t buy more than one unit, you must be earning less than Sh150k, you’ll have to occupy the unit. There are units for low income earners in the scheme too which can’t be sold to high income earners.” Said Hinga.
Other projects are in construction in different parts of the city, including a second project in Pangani, Nairobi, Jevanjee, Ongata Rongai, Starehe & Shauri Moyo.
Affordable Housing is among Kenya’s Big Four Agenda fronted by President Uhuru Kenyatta to provide atleast 500,000 affordable homes across the 47 counties.
The project will also seek to make home ownership available to the common mwananchi by delivering it at 50% lower than the actual market prices.
The project is said to also reduce Kenya’s construction costs by 50%, while creating an additional 300,000 jobs.
