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.