Gulf African Bank and MINT Villas in pact to offer customers Shari’ah compliant home financing
Home buyers to enjoy the lowest mortgage rate of 11.75% in Kenya
- Approval to be granted in 48 hrs.
- Financing options anchored on Shari’ah banking principles
- Homebuyers will have options to buy into Savannah Greens Estate in Joska, and the ultra-modern Twin falls City.
Nairobi, October 14th 2022: Mint Villas and Gulf African Bank have entered into a partnership that targets homeowners who are seeking to take advantage of the lender’s prevailing low mortgage rate of 11.75% to purchase quality homes financed in a Sharia-compliant manner.
The partnership will allow Gulf African Bank’s customers to access Shari’ah-compliant mortgages and related banking products to purchase units at Savannah Greens Estate in Joska, and the ultra-modern Twin falls City.
The offering features Mortgage transfers or take overs from other financial institutions, outright purchases for new home buyers, Diaspora mortgages and Equity release arrangements.
Customers will enjoy the lowest mortgage rate in Kenya at 11.75% and an unprecedented approval time of 48 hours, which will be given in principal upon review of eligibility criteria. The low profit rate is in line with the bank’s resolution to stand with Kenyans and offer them an opportunity to be home owners and get investment vehicles. Customers will also enjoy a repayment period of up to 20 years with homebuyers having options to buy into Savannah Greens Estate in Joska, and the ultra-modern Twin falls City.
Explaining the uniqueness of Shari’ah compliant mortgage financing, Gulf African Bank’s CEO Anuj Mediratta said, “At fixed intervals of time, the buyer will be paying a certain sum of money, consisting of capital payment plus a rental amount, to Gulf African Bank. This payment corresponds to a share in the ownership of the property. Subsequent payments increase the buyer’s share in the property and there eventually comes a time when the lender no longer has any stake in the property and the right of ownership thus becomes transferred to the buyer. We are also offering buyers the lowest mortgage rate in Kenya at 11.75% with a 48 hour approval timeline.
“The homes are uniquely designed and very affordable with prices starting from Kshs 6 million, which is within reach to many Kenyans seeking housing solutions and investment opportunities. Our partnership with Gulf African Bank will ensure that interested buyers get access to high quality, well designed homes”, said Mint Villas Director Raphael Omeke.
The ministry of finance has recently indicated that leading indicators of economic activity show continued strong performance in the second quarter of 2022, mainly in construction, accommodation and a few other key sectors. As such, we are confident that the level of housing market activity will grow exponentially.
ABOUT GULF AFRICAN BANK
Gulf African Bank is the Premier Shari’ah compliant Bank in Kenya, offering products that address the needs of not just Muslims, but everyone in the country through fair, safe and ethical banking practices. Gulf African Bank is a pioneering Islamic Bank not only in Kenya but also in the entire East African region, whose shareholders include: Istithmar World (the investment arm of the Government of Dubai); Alsalam Bank-Bahrain (a leading regional bank headquartered in Bahrain); Sheikh Abdullah Mohammed Al Romaizan (a leading investor from Saudi Arabia); Trade Development Bank (Previously PTA Bank), IFC (The Private Investment Arm of World Bank) among others.
ABOUT Mint Villa Housing
Mint villa Housing is a Kenyan – based developer of integrated lifestyle communities offering exceptional value to aspiring homeowners. The company has established itself at the forefront of residential property development in Nairobi, through the runaway success of its flagship project Savanna Estate.
For press enquiries, please contact
Fathia Abdulle
Gulf African Bank
Marketing and Corporate Communications
0711075000
