KENYA – Tatu City and I&M Bank have signed a Memorandum of Understanding to facilitate access to credit for buyers of property within the 5,000-acre development plan.
The MoU between the two companies will make it easier for buyers to access finance for purchasing land and construction of homes and businesses.
As part of the agreement, I&M Bank will provide a management team to service Tatu City clients who are buying serviced land or financing construction and offer repayment periods of up to 20 years at interest rates not exceeding 12.5 percent per annum to eligible buyers.
I&M Bank has a robust Mortgage Financing offering designed to meet a wide range of needs such as purchase of property, undeveloped plots, construction, renovations. The Mortgage Financing solution offers a wide range of products that caters to customers’ needs in terms of amount, loan purpose and repayment flexibility.
Tatu City already has two schools open which are educating 1,500 students daily, an operational industrial park with more than 50 businesses, thousands of homes under development, and world-class infrastructure to serve the needs of 150,000 residents and more than 30,000 daily visitors.
Speaking during the signing of the agreement, Chris Barron, Kenya Country Head for Rendeavour, Tatu City’s owner and developer, said the deal not only targets home buyers, but also industrial and commercial business owners.
“I&M Bank has already financed a number of industrial buyers who have chosen Tatu Industrial Park for their businesses,” said Barron.
“Our partnership with Tatu City will allow more Kenyans the opportunity to own a home and become a part of the community at Tatu City. We are committed to creating long term relationships that are beneficial to all parties involved,” said I&M Bank CEO Kihara Maina.
When complete, Tatu City will feature a fully operational central business district, more than 30,000 homes to suit all income brackets, parks and green spaces, leisure and entertainment facilities and medical centres.