Co-op Bank Director, Corporate and Institutional Banking Jacquelyne Waithaka, and  Board Chair, Enwealth Financial Services Limited  Peter Waiyaki  sign a partnership agreement to launch the Pension-backed Mortgage Loan at Co-op Bank’s Property Hub in Nairobi.

 

 

Co-operative Bank has partnered with Enwealth Financial Services Limited to launched a Pension-backed Mortgage loan facility for members of pension schemes.

The new facility will enable the over 3 million members of pension schemes in Kenya raise enough funds to buy a home in an extended repayment period of up to 20 years, subject to their retirement age .

The new Pension-backed Mortgage  mortgage is the first such facility in the market, and comes thanks to the recent changes to the Retirement Benefits (Mortgage Loans) Act, Regulations Amendment 2020 that now allows members of pension schemes to utilise up to 40% of their accrued pension benefits as down-payment to buy a home.

Under the new facility, members will be able to own a property anywhere in Kenya with a ready title deed or certificate of lease, provided that the house is a residential property for the member’s own occupation.

Speaking at the launch held at the Co-op Bank Property Hub, Coop  Director  for Corporate Institutional Banking  Jacqueline Waithaka, said the product is a deliberate response by the bank in support of the Government’s affordable housing pillar of the Big Four Agenda.

” We are excited to pioneer this innovation that will enable a wider pool of Kenyans to realize their dream of owning a home,” she added.

On his part, Enwealth Chief Executive for Financial Services Simon Wafubwa pointed out that owning a home and having an adequate income at the point of retirement are most critical pillars for a lifetime of financial well-being and dignity.

“We are excited to partner with Co-op Bank to make available this innovative home-ownership solution that gives our clients access to affordable mortgages in line with the new Retirement Benefits regulations, ” Wafubwa stated.

Additionally, the Chairman of Enwealth  Peter Waiyaki reiterated the need for innovative social security financial products that are responsive to the needs of times as a way of achieving economic resilience.

“The pessimist may complain about the wind while the optimist would expect it to change but through strategic synergies, the leader adjusts the sails. This partnership between Enwealth and Co-op Bank seeks to adjust the sails for the mortgage landscape in the country, ” he noted.

https://lk21nonton.org/
https://sianaksultan.purwakartakab.go.id/thai/
slot77