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Standard Chartered Bank introduces new 11.9% variable interest mortgage offering

Standard Chartered has introduced a new mortgage offering that will see clients access mortgages at 11.9% variable rate offer for new applications submitted and approved during the campaign period. The offer is open to both existing and new clients.

Those seeking to transfer their mortgage to SCB to enjoy the new rate of 11.9% will get access to waived valuations fees and legal costs for applications submitted and approved during the campaign period.

Speaking on this, Edith Chumba, Head of Consumer, Private and Business Banking at Standard Chartered Bank Kenya said, ‘’We understand that the pandemic had a negative economic effect which consequently affected financial positions of a substantial number of individuals. It is with this in mind that we have designed a mortgage offering that is both competitive and practical.”

”Home ownership remains a key need for a large segment of the Kenyan population and we want to make the home ownership journey an easy one for our clients. Clients who already own a property can also take advantage of this rate to release equity or capital gains from their property and invest the funds in other investment vehicles like our unmatched Wealth Management solutions.  With a market rate that’s 1.1% lower than the average market rate, we hope that this encourages our clients to start or continue with their home ownership journey supported by a mortgage with a competitive interest rate and payment terms.’’ she added.

Catherine Ayota, Head Affluent Banking and Client Coverage Kenya & E. A said, ‘’We have seen an increased demand for mortgages in the market especially among the emerging affluent.  This new offering will allow our clients to take up a mortgage that is suited to their income flows and payment preferences. We have also made it easier for clients who wish to transfer their mortgage to SCB by offering waived valuations fees and legal costs for applications submitted and approved during the campaign period. As a bank we remain committed to evolving with our customers’ needs and will continue to develop and introduce financial products that are innovative and relevant to our client.’’

Standard Chartered Bank Kenya has a number of mortgage solutions including Purchase, Equity release, construction, and nonresident which cater to diversified clients.

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