Co-op Bank is offering young Kenyans an opportunity to finance up to 100 per cent of the cost of a residential property through a mortgage facility of up to Ksh10.5 million.
The facility, offered under the Kenya Mortgage Refinance Company (KMRC) mortgage solution, has an interest rate of 9.5 per cent and a repayment period of up to 25 years for salaried borrowers.
Evan Mwangi, Acting Head of Retail Mortgage at Co-op Bank, outlined the facility during the Co-op Bank Youth Forums, which focused on homeownership and mortgages for young people.
According to Mwangi, the financing can be used to buy a ready house, purchase land and construct a house, or build on land already owned by the borrower.
“With Co-op Bank, you can get 100 per cent financing to buy a ready house or buy land, and the bank finances the building or just construction under the KMRC mortgage solution,” Mwangi said.
The maximum property value under the facility is Ksh15 million, while the maximum mortgage financing is Ksh10.5 million.
For young buyers, Mwangi noted that Co-op Bank has properties available at about Ksh3.5 million, including one-bedroom houses in Ongata Rongai and three-bedroom houses in Kisaju.
Mwangi said 100 per cent financing can help borrowers who qualify for a mortgage but may struggle to raise a traditional deposit upfront. However, borrowers must still demonstrate that they can afford the repayments.
According to Mwangi, the bank considers income, existing financial commitments, credit history, employment or income stability, and the value of the property.
“It doesn’t matter the salary; what matters is what you are willing to commit to towards repayment,” Mwangi explained.
He said young people should also account for costs beyond the mortgage, including valuation, legal fees, stamp duty, insurance, and property transfer charges.
To learn more about the various mortgage options available through Co-op Bank, visit any branch and ask to speak with a Customer Service Representative, Credit Officer, or a Personal/Relationship Banker.
Unlocking Gated Community Living with Willstone Homes
For aspiring homeowners looking to leverage Co-op Bank’s KMRC-backed 100% mortgage financing, finding a high-quality property within the eligibility criteria is the crucial next step.
Developers like Willstone Homes present an ideal destination for this financing facility. With a portfolio of modern gated communities—including 3-bedroom bungalows and family residences in high-growth corridors like Juja and Ruiru—priced within the KMRC Ksh15 million ceiling, buyers can easily match their pre-approved loan with an affordable, high-value home.
How this partnership benefits Willstone Homes buyers:
- Zero Upfront Deposit Barrier: Co-op Bank’s 100% financing removes the need for buyers to save millions in upfront cash, allowing immediate purchase of a Willstone property.
- Long-Term Financial Peace of Mind: At a single-digit 9.5% interest rate over up to 25 years, monthly repayments for a Willstone home remain predictable and affordable for salaried professionals.
- Ready & Off-Plan Gated Security: Buyers acquire modern living spaces with verified titles, secure gated environments, and family-friendly amenities.
Ready to own your home? If you are considering Co-op Bank’s 100% KMRC mortgage facility, contact Willstone Homes today to explore eligible residential developments and select your unit before taking your mortgage application to the bank.
