Equity Bank, MRM unveil mortgage for low-income earners

Prefab House

Prefabricated houses are becoming popular among low and middle income earners.

Roofing solutions provider Mabati Rolling Mills (MRM) has entered into a partnership with Equity Bank that will see the introduction of home loans for low-income earners.

As part of the new partnership, Equity Bank will provide home loans of at least Sh48,000 to salaried individuals and business operators with a monthly income of at least Sh20,000.

The new micro mortgage will not only finance construction projects but it will also finance value-add features covering cost of buying land and electricity connection at a fee of Sh35,000 by Kenya Power.

On its part, MRM will supply pre-fabricated, quality-assured steel frame structures that will retail at about Sh200,000 for a four-room house.

Individuals who do not want the prefabricated houses will have the option of using bricks or wood on the walls.

MRM recently announced plans to supply pre-fabricated houses for the Kenyan low income earners, with ready-made steel houses retailing at Sh80,000 for a two-room house.

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